Over the last five or 6 years …Papaya Global For Dummies… roles on the provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays 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 everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really gloomy and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also review a wrap-up and that should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and handling them becomes a growing number of complex Global organizations are aiming to find Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment perspective many companies preserve different bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to maintain separate bank accounts in some cases in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business simplify the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for companies operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to enhance working capital, and discover how enhancing worldwide payroll payments can transform them from a troublesome job into a tactical possession.
Handling payroll globally is a challenging task due to various policies, compliance requirements, data security issues, and banking guidelines. The large number of employees and businesses contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual procedures, data silos, and a lack of integration, resulting in disparities and inadequacies. Despite living in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and services to simplify and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of global companies have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be consisted of best and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like 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 between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move on with that it likewise as well to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always astonished 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 operate in the payroll occupation would they divide the payroll payment from estimation 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 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more crucial to add to sort of the level of intricacy there’s more and more advantages being organ or being provided by organizations throughout the world so once again you’re simply seeking to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine tough kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams 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 does not always need to be the case you understand long gone are the times where we require to produce extra handoffs in the processes 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 era that you know that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an impact perspective on employees it is absolutely important 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 harmful result on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I’ve constantly been surprised coming into this Market sort of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only observe when things go wrong. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally as well. Therefore, it is essential to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Using the very first International Payments very first payroll payment service is a great preliminary step towards providing a comprehensive payroll option for staff members worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and savings account required for international payroll are key consider accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as planned. Eventually, we don’t do it for the thankfulness.
anyway 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 everyone that’s associated with those procedures and also so imagine sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh definitely I can’t picture 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 shot to return to everyone so carrying on appearance why do business pick to main separate checking account there are Papaya Global For Dummies services out there doing precisely this for specific nations and I’ve worked in an organization or many companies doing exactly that I can say it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not developing 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 believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it needs changing but ultimately individuals are extremely stuck to what they recognize
with right um change is a challenging thing all of us don’t like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining multiple bank accounts however there’s a big amount of complexity chooses establishing a checking account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge however I think the sincere response is change um individuals have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this approach does posture several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global For Dummies