Over the last 5 or 6 years …Papaya Global Japan… functions on the company side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely bleak and I wish I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a wrap-up which should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and managing them becomes more and more complex International organizations are looking to find Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment standpoint lots of organizations maintain separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve separate savings account in some cases in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a challenging job into a tactical possession.
Managing payroll worldwide is a daunting job due to different guidelines, compliance requirements, data security concerns, and banking rules. The large variety of staff members and companies adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often result in manual processes, information silos, and an absence of integration, leading to inconsistencies and ineffectiveness. In spite of living in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and options to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company invests in international payroll the less of a photo they see a lack of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of international companies have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is shipped to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they count on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be included right and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like extremely payments no if but some children 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 innovation is enabling us to type of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely important that payroll and finance teams work more detailed 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 does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being offered by organizations across the world so once again you’re simply seeking to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any company has from an expense point of view from an impact perspective on workers it is definitely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging impact on individuals’s wellness and many other elements if individuals aren’t paid uh I’ve always been astonished coming into this Market sort of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just observe when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally also. For that reason, it is essential to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the first Global Payments very first payroll payment service is an excellent preliminary action towards offering an extensive payroll service for workers worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and savings account necessary for global payroll are crucial consider attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we know how how crucial a role 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 involved in those processes and also so envision sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of try to get back to everybody so carrying on appearance why do companies choose to main different savings account there are Papaya Global Japan businesses out there doing exactly this for particular nations and I’ve worked in a business or many organizations doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I think people have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it needs altering but eventually individuals are very stuck to what they’re familiar
with best um modification is a tough thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having maintaining numerous checking account however there’s a substantial quantity of intricacy goes with setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial however I think the truthful response is modification um individuals have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or two there is a lot to keep track of and this method does posture numerous challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I just did you changed 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 Worldwide workers you deserve a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Japan