Over the last five or six years …Non Papaya Global Payroll… functions on the service provider side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everybody another number 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 interesting and I can see it going on currently simply to hear where everyone 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 really very bleak and I want 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 looking at the obstacle years of handling International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise review a wrap-up and that must leave his time at the very 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 Global workforces become a growing number of typical and managing them ends up being a growing number of complicated International organizations are wanting to discover Solutions and brand-new ways to simplify processes especially from a payroll and cross-border payment perspective numerous organizations maintain different savings account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain different checking account in some cases in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business simplify the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex obstacle for companies running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to enhance working capital, and discover how enhancing international payroll payments can change them from a difficult task into a tactical possession.
Handling payroll worldwide is an overwhelming job due to numerous policies, compliance requirements, data security concerns, and banking rules. The large number of workers and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual procedures, data silos, and a lack of combination, leading to disparities and ineffectiveness. Despite residing in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and options to streamline and enhance 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 offers me sleep deprived nights and rather honestly the more a business spends on international payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide businesses have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what does not need to be included right and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in 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 technology is permitting us to sort of progress with that it also too to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work better together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to add to type of the level of complexity there’s increasingly more benefits being organ or being used by services throughout the world so once again you’re simply seeking to include a growing number of payments to this currently complex landscape so if you sort 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 real challenges or real difficult kind of pay utilizes 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 a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any service has from a cost perspective from an effect viewpoint on employees it is absolutely critical 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 need to be done right it has the greatest harmful effect on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been astonished entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has been told 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 however eventually payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong 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 likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is a terrific initial step um supplying an end-to-end payroll option for your staff members globally again I believe is another substantial um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of organizations and decreasing the variety of tools platforms and checking account they need 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial a function it is and that’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 processes and also so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting to clean 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 require days of the week to try to browse them and actually see what was going on and kind of try to get back to everyone so carrying on look why do companies select to main separate savings account there are Non Papaya Global Payroll services out there doing precisely this for particular nations and I’ve operated in a business or lots of services doing exactly that I can say it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I think people have got so used to we require a new savings account we open an entity and appropriately 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 standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs changing but eventually individuals are really stuck to what they recognize
with ideal um modification is a tough thing all of us do not like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving numerous bank accounts however there’s a big amount of complexity goes with establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is big but I believe the honest response is modification um individuals haven’t had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or two there is a lot to keep track of and this method does pose a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Non Papaya Global Payroll