Over the last five or 6 years …Papaya Global Import Hours… roles on the company side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 uninspiring and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll likewise review a recap and that should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them becomes more and more intricate Worldwide organizations are aiming to discover Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment standpoint numerous organizations preserve separate savings account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve separate savings account in some cases in different countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex procedures of
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to enhance working capital, and find how enhancing international payroll payments can transform them from a troublesome task into a tactical asset.
Handling payroll worldwide is a complicated job due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The large number of employees and companies contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Regardless of residing in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and solutions to streamline and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a business spends on international payroll the less of an image they see a lack of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide organizations have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes badly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the information is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be included ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 consumer’s own in-country account so there’s complexity any place you look best ultimately constructing a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to type of move on with that it likewise as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance groups work better together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of crucial to add to kind of the level of complexity there’s a growing number of benefits being organ or being provided by services across the world so once again you’re just aiming 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’m sure but have you got any experience in kind of real obstacles or real challenging kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of years I would definitely say 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 teams feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost perspective from an impact point of view on workers it is definitely critical that it’s done properly and on time so what we suggest 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 wellness and numerous other elements if individuals aren’t paid uh I’ve constantly been impressed coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think 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 things is done correctly so leveraging the very first Global Payments very first payroll payment service is a fantastic first step um providing an end-to-end payroll service for your employees internationally again I think is another big um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of services and lowering the variety of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how important 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 processes and likewise so imagine sorry I’m simply I was just gon na say 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 picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to return to everybody so moving on appearance why do business select to primary different bank accounts there are Papaya Global Import Hours organizations out there doing precisely this for particular nations and I’ve worked in a company or lots of companies doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we don’t need to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe individuals have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes 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 individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires changing but ultimately individuals are extremely stuck with what they’re familiar
with ideal um modification is a hard thing all of us do not like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining several savings account however there’s a big amount of intricacy goes with setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is substantial however I think the truthful answer is change um individuals have not had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding 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 pose numerous obstacles um so Johnny could you tell us about those difficulties yeah of course 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 handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Import Hours