Over the last five or six years …Papaya Global Isolved… functions on the company side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll also discuss a wrap-up which needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them ends up being more and more complex Global companies are looking to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment viewpoint lots of organizations preserve different savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain different savings account often in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies simplify the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for companies operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and discover how improving international payroll payments can change them from a burdensome job into a strategic possession.
Managing payroll worldwide is a complicated job due to various regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and services contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and an absence of integration, leading to disparities and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and services to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of international businesses have actually expressed that they don’t 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 bad HCM information data entry errors badly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t need to be included right and what does
it need to be considered there’s differing Bank details 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link 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 allowing us to sort of move forward with that it also also to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to add to type of the level of complexity there’s more and more advantages being organ or being provided by services across the world so once again you’re just looking to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we run 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 a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense point of view from an impact viewpoint on employees it is definitely important 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 most significant damaging impact on individuals’s well-being and numerous other elements if people aren’t paid uh I’ve always been surprised entering into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has been told 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 employees or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment service is an excellent primary step um providing an end-to-end payroll option for your employees internationally again I think is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of companies and minimizing the variety of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how important a function 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 associated with those procedures and likewise so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everybody so moving on look why do companies select to main different bank accounts there are Papaya Global Isolved organizations out there doing exactly this for particular countries and I’ve worked in a business or lots of services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for any person where we don’t have to and any person that’s handling that procedure 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 think lots of reasons one is it’s the standard I believe individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering but eventually individuals are extremely stuck with what they’re familiar
with right um change is a hard thing all of us do not like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping several savings account however there’s a substantial quantity of complexity opts for setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is big however I think the honest response is modification um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or two there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Isolved