Over the last 5 or 6 years …Papaya Global Bureau Manager… roles on the service provider side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just 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 remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really bleak and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll also discuss a recap which ought to leave his time at the very 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 Worldwide labor forces become increasingly more common and managing them becomes increasingly more complex International organizations are wanting to find Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment standpoint many organizations maintain different savings account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain different bank accounts sometimes in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies simplify the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to enhance working capital, and find how streamlining worldwide payroll payments can transform them from a burdensome task into a strategic possession.
Handling payroll globally is a complicated task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and companies adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, information silos, and an absence of combination, resulting in disparities and inadequacies. Despite living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to supply insights and services to streamline and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in international payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors inadequately communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be consisted of right and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 important however all over you look with payroll payment they are like incredibly 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to sort of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and financing groups work better together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being offered by organizations throughout the world so once again you’re just aiming to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or real difficult sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from a cost point of view from an effect viewpoint on employees it is definitely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive result on individuals’s wellness and lots of other elements if people aren’t paid uh I have actually always been amazed entering this Market type of the last five to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally too. Therefore, it is essential to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment option is a terrific initial action towards supplying a detailed payroll solution for staff members worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and savings account necessary for worldwide payroll are essential factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we know 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 everyone that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task 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 sort of try to return to everyone so proceeding look why do companies select to primary different savings account there are Papaya Global Bureau Manager companies out there doing precisely this for specific nations and I’ve worked in a business or many businesses doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we don’t need to and any person that’s dealing with 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 lots of reasons one is it’s the standard I think people have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires altering however eventually people are really stuck with what they’re familiar
with ideal um modification is a hard thing all of us do not like modification um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining numerous savings account however there’s a huge amount of intricacy opts for setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is huge but I think the sincere answer is modification um individuals haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to track and this approach does present a number of difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Bureau Manager