Over the last five or 6 years …How Do I Run Papaya Global Year End… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll also review a recap which needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of typical and managing them ends up being a growing number of complex Global organizations are aiming to find Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment perspective numerous organizations maintain different bank account just for payroll while some have several accounts in different countries does it make good sense for companies to preserve separate bank accounts often in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies enhance the episode complex processes of
Ensuring accurate, efficient, and timely payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to enhance working capital, and discover how improving worldwide payroll payments can transform them from a burdensome task into a tactical property.
Handling payroll worldwide is a daunting task due to different guidelines, compliance requirements, data security concerns, and banking rules. The large number of workers and companies adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual processes, information silos, and an absence of combination, leading to disparities and inefficiencies. Despite residing in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and options to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of international companies have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the wrong location the typical expense of an international 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 smoothly if they rely on the needed 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 challenges company face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be included best 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 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 need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to type of progress with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more essential to add to kind of the level of intricacy there’s more and more benefits being organ or being used by organizations throughout the world so once again you’re just aiming to include more and more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or real challenging type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from a cost point of view from an effect point of view on staff members it is definitely crucial that it’s done correctly 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 most significant destructive result on individuals’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been amazed coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise 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 absolutely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment option is a great primary step um providing an end-to-end payroll option for your staff members internationally once again I think is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and lowering the variety of tools platforms and bank accounts they need for their International 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 had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know 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 procedures and also so think of sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely I can’t picture 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 return to everyone so proceeding look why do business pick to primary different bank accounts there are How Do I Run Papaya Global Year End businesses out there doing precisely this for particular nations and I’ve worked in a company or lots of services doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not have to and any person that’s handling 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 amount that we are I believe lots of factors one is it’s the standard I believe people have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a process that needs looking at it requires changing however eventually people are really stuck with what they’re familiar
with ideal um modification is a difficult thing all of us don’t like modification um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining several bank accounts however there’s a substantial amount of intricacy goes with setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is big however I think the honest response is change um people haven’t had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or so there is a lot to monitor and this approach does pose a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you How Do I Run Papaya Global Year End