Over the last 5 or 6 years …Papaya Global Sweden… functions on the company side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really 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 extremely very bleak 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 taking a look at the obstacle years of managing International payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a wrap-up and that should leave his time at the really 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 Global labor forces end up being a growing number of typical and managing them ends up being increasingly more complicated Worldwide organizations are looking to discover Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment perspective lots of organizations maintain separate bank account just for payroll while some have several accounts in different nations does it make sense for companies to keep different checking account in some cases in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business simplify the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for services running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to optimize working capital, and find how improving international payroll payments can change them from a challenging job into a tactical property.
Handling payroll globally is a challenging job due to various policies, compliance requirements, data security issues, and banking rules. The sheer variety of employees and companies adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and an absence of integration, causing disparities and inefficiencies. Regardless of residing in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and solutions to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on international payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of global services have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the data is shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they depend on the necessary numerous processes 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 challenges business face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be consisted of ideal 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 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 client’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they are like incredibly payments no if but 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 believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to type of progress with that it also also to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to contribute to sort of the level of intricacy there’s more and more advantages being organ or being used by organizations across the world so once again you’re simply aiming to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real difficulties or genuine difficult type of pay utilizes to play to pay people I think yeah I suggest 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 teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an impact perspective on workers it is absolutely important that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been surprised coming into this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally as well. Therefore, it is necessary to ensure that tasks like Wi-Fi International and other important matters are done properly. Utilizing the first Worldwide Payments first payroll payment option is a great preliminary action towards providing a thorough payroll solution for employees worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and savings account required for worldwide payroll are crucial factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyway 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 simple as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing 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 held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of shot to get back to everybody so proceeding look why do business select to main different bank accounts there are Papaya Global Sweden businesses out there doing exactly this for particular nations and I have actually operated in a service or many services doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we do not need to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe people have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a process that needs looking at it requires altering however ultimately people are extremely stuck with what they recognize
with right um change is a tough thing all of us do not like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving several savings account but there’s a substantial quantity of complexity goes with setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is huge but I think the sincere answer is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to actually 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 knowledge you understand and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to keep an eye on and this method does pose several challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a change to our Business 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 gotten another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Sweden