Over the last 5 or 6 years …How To Download Papaya Global… functions on the company side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely dreary and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also review a wrap-up 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them ends up being a growing number of complex International companies are looking to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment perspective numerous organizations keep separate savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve different checking account sometimes in various nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex procedures of
Making sure accurate, effective, and timely payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and find how improving worldwide payroll payments can change them from a difficult task into a tactical asset.
Handling payroll globally is a challenging job due to different policies, compliance requirements, data security issues, and banking rules. The large variety of staff members and organizations contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, data silos, and a lack of combination, leading to inconsistencies and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to offer insights and options to simplify and optimize international payroll payments.
about it to provide you a concept 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 rather honestly the more an organization invests in global payroll the less of a photo they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide businesses have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations as well as absence management and system setups and after that 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 cash around the world payroll and payments do not run efficiently if they count on the necessary several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be included best and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 definitely basic and innovation is permitting us to sort of move on with that it also also to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people 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 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 often 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to contribute to type of the level of complexity there’s more and more advantages being organ or being used by organizations across the world so once again you’re just seeking to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real difficulties or real tough kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would definitely say that the bigger a company 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 information into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know 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 said payroll is the single greatest liability that any business has from a cost perspective from an effect perspective on workers it is definitely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been surprised entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll option for your workers worldwide again I think is another big um procedure again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of services and lowering the variety of tools platforms and savings account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and type of try to get back to everybody so proceeding look why do companies pick to primary separate bank accounts there are How To Download Papaya Global businesses out there doing precisely this for specific countries and I have actually worked in an organization or numerous services doing precisely that I can state it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I believe people have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing however eventually individuals are extremely stuck with what they recognize
with ideal um change is a challenging thing we all don’t like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining numerous bank accounts but there’s a big amount of complexity goes with setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is huge but I think the truthful answer is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep track of and this technique does posture several challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched our Business 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 employees you should have a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you How To Download Papaya Global