Over the last five or six years …Historical Payroll Data Papaya Global Cloud… roles on the provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everybody another number 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 quite fascinating and I can see it going on already just to hear where everyone 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 certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a recap and that must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and managing them ends up being more and more complicated Global companies are aiming to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment perspective lots of companies keep separate checking account just for payroll while some have multiple accounts in different nations does it make sense for business to keep different savings account in some cases in various nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies simplify the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and discover how simplifying global payroll payments can transform them from a troublesome job into a strategic asset.
Handling payroll internationally is a challenging task due to numerous policies, compliance requirements, data security issues, and banking rules. The large variety of employees and businesses adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and a lack of integration, causing inconsistencies and ineffectiveness. In spite of residing in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and services to simplify and optimize worldwide 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 Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a service spends on international payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the data is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be included best and what does
it require to be thought about there’s varying Bank details 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to sort of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to contribute to sort of the level of intricacy there’s more and more advantages being organ or being provided by businesses throughout the world so again you’re simply looking to add a growing number of payments to this currently intricate landscape so if you kind 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 genuine obstacles or genuine challenging sort of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information 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 doesn’t always need to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any organization has from an expense point of view from an effect point of view on staff members it is absolutely crucial 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 need to be done right it has the biggest harmful effect on individuals’s well-being and many other factors if people aren’t paid uh I have actually constantly been impressed entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has been told thank you for processing my payroll properly 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 hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic initial step um providing an end-to-end payroll solution for your workers internationally again I think is another big um process once again aligning and ensuring you have standardization Global processes all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and savings account they require 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 have actually never had a hundred thousand of them within a payroll cycle don’t 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 don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important a function 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 easy as possible for everybody that’s involved in those procedures and also so picture sorry I’m just I was just gon na say think of 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 discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and sort of try to get back to everyone so proceeding look why do companies choose to primary different savings account there are Historical Payroll Data Papaya Global Cloud businesses out there doing precisely this for particular countries and I’ve worked in a company or lots of businesses doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anybody 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 think 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 individuals have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering however eventually individuals are very stuck with what they recognize
with right um change is a tough thing all of us don’t like change um so I believe 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 advantages of having preserving multiple bank accounts but there’s a huge quantity of intricacy goes with establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is substantial but I believe the honest response is change um people haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or so there is a lot to track and this approach does present a number of challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Historical Payroll Data Papaya Global Cloud