Over the last 5 or six years …My Papaya Global… roles on the provider side and also on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very bleak and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll likewise go over a wrap-up which ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and managing them becomes increasingly more complicated Global organizations are wanting to discover Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment standpoint lots of organizations preserve different bank account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain different bank accounts in some cases in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and find how streamlining international payroll payments can change them from a difficult task into a strategic asset.
Managing payroll worldwide is an overwhelming task due to numerous policies, compliance requirements, information security concerns, and banking rules. The large number of employees and companies adds to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in international payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of international businesses have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is shipped to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they depend on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to sort of move on with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely important that payroll and finance teams work better together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more crucial to add to kind of the level of complexity there’s increasingly more advantages being organ or being used by organizations throughout the world so once again you’re simply aiming to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an impact point of view on workers it is absolutely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful impact on individuals’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just see when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the first Worldwide Payments very first payroll payment service is an excellent initial action towards offering a thorough payroll option for workers worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and checking account essential for international payroll are crucial consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we understand how how important a function it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and type of try to return to everyone so moving on look why do business select to main different savings account there are My Papaya Global companies out there doing precisely this for specific countries and I’ve operated in a company or lots of companies doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anybody where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe people have got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a process that needs looking at it requires altering but eventually individuals are extremely stuck with what they recognize
with right um change is a tough thing we all don’t like change um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having keeping multiple checking account but there’s a big amount of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is big however I believe the sincere answer is modification um people have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep an eye on and this method does pose several challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you My Papaya Global