Over the last five or 6 years …Gusto Or Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays 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 sort of like see where everybody comes from and I truly 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 raining here it’s extremely really uninspiring and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise review a wrap-up and that should leave his time at the very very 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 International workforces end up being more and more common and handling them becomes a growing number of intricate Global companies are aiming to find Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment viewpoint lots of companies maintain different checking account just for payroll while some have several accounts in various countries does it make sense for business to keep different bank accounts in some cases in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies enhance the episode complex procedures of
Making sure accurate, efficient, and prompt payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and find how streamlining worldwide payroll payments can transform them from a troublesome job into a tactical possession.
Handling payroll globally is a challenging job due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of workers and services adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. In spite of living in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to offer insights and solutions to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service invests in global payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global companies 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 bad HCM data information entry errors poorly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the information is shipped to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the required numerous 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 a great concern I constantly toss this back and state what is it what does not need to be included right and what does
it require to be considered 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 abilities 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 client’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to sort of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely important that payroll and financing groups work closer together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being used by businesses throughout the world so again you’re simply seeking to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine obstacles or real challenging kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would certainly state that the bigger a service 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 actually managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any company has from an expense perspective from an effect point of view on staff members it is absolutely vital 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 biggest detrimental effect on people’s well-being and lots of other factors if people aren’t paid uh I have actually always been amazed coming into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle we all 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment option is a terrific first step um offering an end-to-end payroll service for your workers worldwide once again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of services and lowering the number 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 terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect 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 indicated to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how essential 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 involved in those processes and likewise so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t think of 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 type of shot to get back to everybody so proceeding look why do business select to primary different bank accounts there are Gusto Or Papaya Global organizations out there doing exactly this for particular nations and I have actually worked in a company or lots of services doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and any person that’s managing that procedure 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 factors one is it’s the standard I believe people have actually got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires changing but ultimately individuals are really stuck to what they recognize
with ideal um change is a challenging thing all of us don’t like change um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving multiple checking account however there’s a huge amount of complexity chooses setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is huge however I think the sincere answer is change um individuals haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect 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 might practically be determined to be the next Century or so there is a lot to keep track of and this technique does posture several challenges um so Johnny might you tell us about those obstacles yeah naturally 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 seems like our CFO has gained another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment 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 better, considering your accomplishments. Gusto Or Papaya Global