Over the last 5 or six years …Papaya Global Invite… functions on the supplier side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing 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 originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really dreary and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll likewise review a recap and that should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them ends up being a growing number of intricate Worldwide organizations are looking to discover Solutions and new ways to improve processes especially from a payroll and cross-border payment viewpoint many organizations keep separate savings account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain different savings account in some cases in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business streamline the episode complex processes of
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and find how enhancing international payroll payments can transform them from a burdensome task into a tactical possession.
Handling payroll globally is a challenging task due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual processes, data silos, and a lack of combination, causing inconsistencies and inadequacies. Regardless of residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and options to simplify and enhance international payroll payments.
about it to give 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 provides me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide businesses have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the required multiple processes 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 service face when they’re paying to workers or otherwise that’s a good question I always toss this back and say what is it what does not need to be included right and what does
it need 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 time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if however some babies 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 acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to kind of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance groups work closer together than ever um I’m always astonished when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to contribute to sort of the level of complexity there’s more and more benefits being organ or being provided by organizations across the world so once again you’re simply looking to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would absolutely say 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 groups feeding information into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any company has from a cost point of view from an impact viewpoint on staff members it is absolutely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental result on individuals’s wellness and many other elements if people aren’t paid uh I have actually constantly been amazed entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just observe when things go wrong. 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 tasks like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is a terrific initial action towards providing a comprehensive payroll option for workers worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and checking account essential for worldwide payroll are key consider attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we know how how essential a role 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 simple as possible for everybody that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean up all those up for sure oh definitely 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 attempt to check out them and really see what was going on and kind of try to return to everyone so proceeding appearance why do companies select to primary separate bank accounts there are Papaya Global Invite services out there doing precisely this for specific nations and I’ve operated in an organization or lots of organizations doing exactly that I can say it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anybody that’s managing that procedure 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 reasons one is it’s the requirement I think individuals have got so utilized to we require a brand-new bank account we open an entity and rightly so you require 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 standard individuals have embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it requires altering however ultimately people are very stuck with what they recognize
with best um change is a hard thing we all don’t like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping multiple savings account but there’s a substantial amount of intricacy chooses setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is big however I believe the sincere response is modification um people haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or so there is a lot to track and this technique does position several obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I just did you switched our Business 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 workers you should have a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Invite