Over the last 5 or 6 years …Papaya Global Payroll Liabilities… functions on the provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly 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 drizzling here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap which ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on moving 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 ends up being a growing number of complicated International companies are wanting to discover Solutions and new ways to streamline procedures especially from a payroll and cross-border payment perspective many organizations preserve different checking account just for payroll while some have several accounts in different nations does it make sense for business to keep separate checking account sometimes in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies simplify the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to optimize working capital, and find how enhancing global payroll payments can transform them from a troublesome task into a tactical asset.
Managing payroll globally is a complicated task due to different policies, compliance requirements, data security concerns, and banking rules. The sheer number of employees and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of combination, causing disparities and inadequacies. In spite of residing in a period of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to offer insights and options to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of global companies have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly communicated hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they depend on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what does not require to be consisted of right and what does
it require to be thought of 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 best eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to type of move on with that it also also to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody 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 a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to add to kind of the level of complexity there’s increasingly more benefits being organ or being used by services across the world so once again you’re just looking 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 vast experience here and I make sure however have you got any experience in kind of genuine challenges or real difficult type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from an expense point of view from an impact point of view on workers it is definitely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging effect on people’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been impressed entering this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout 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 people only notice when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. Therefore, it is essential to guarantee that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first Global Payments first payroll payment solution is a fantastic initial step towards providing a thorough payroll option for employees worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and savings account needed for global payroll are crucial factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
anyway we know how how essential a role it is and that’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 easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and sort of try to return to everyone so carrying on look why do companies select to primary separate bank accounts there are Papaya Global Payroll Liabilities organizations out there doing precisely this for particular nations and I have actually worked in a business or many businesses doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we don’t have to and anybody that’s managing 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 quantity that we are I believe many reasons one is it’s the standard I believe people have got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs changing however eventually people are extremely stuck to what they recognize
with ideal um modification is a challenging thing all of us do not like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining several checking account but there’s a substantial quantity of complexity opts for establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the intricacy is substantial however I believe the sincere answer is modification um individuals have not had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to monitor and this method does present several obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Payroll Liabilities