Over the last 5 or 6 years …Papaya Global Small Employers Relief… roles on the company side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly 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 raining here it’s really really uninspiring and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a wrap-up and that needs to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and managing them ends up being increasingly more complicated Worldwide companies are wanting to discover Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint numerous companies keep different checking account just for payroll while some have several accounts in different nations does it make good sense for business to preserve separate savings account sometimes in different countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies streamline the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to enhance working capital, and find how improving worldwide payroll payments can transform them from a challenging task into a strategic asset.
Managing payroll worldwide is a complicated job due to various policies, compliance requirements, data security concerns, and banking guidelines. The large variety of employees and services adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inadequacies. Regardless of living in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to provide insights and services to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization spends on worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of international services 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 bad HCM information information entry errors inadequately communicated hires and terminations along with lack management and system configurations and then when you round everything off and the data is shipped to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s differing 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 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 wherever you look best ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble incredibly payments no if however some infants 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 recognition that payroll payments are definitely basic and technology is enabling us to type of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing teams work better together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the settlement landscape is becoming increasingly detailed. Companies are continuously presenting brand-new benefits and payment options, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s highly sophisticated age, there’s no reason for preserving troublesome procedures. Payroll, the business’s biggest expenditure, must be processed correctly and on time. Even minor delays can adversely impact workers’ wellness and have far-reaching repercussions. Therefore, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually 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 but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a terrific first step um supplying an end-to-end payroll service for your workers internationally once again I believe is another huge um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and bank accounts they require 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’ve never 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 indicated to be um I do not think any of us are in fact 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and sort of try to get back to everyone so proceeding look why do business select to main different savings account there are Papaya Global Small Employers Relief organizations out there doing precisely this for specific countries and I’ve operated in an organization or lots of organizations doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we don’t need to and anyone that’s managing 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 numerous reasons one is it’s the standard I think people have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it requires altering however eventually individuals are very stuck with what they’re familiar
with best um change is a challenging thing all of us don’t like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving several bank accounts however there’s a substantial quantity of intricacy opts for setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is huge however I think the honest response is modification um individuals have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or so there is a lot to keep track of and this method does pose several challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Small Employers Relief