Over the last 5 or six years …Move Papaya Global Data Location… roles on the company side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting 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 everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really bleak and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and handling them becomes more and more intricate International organizations are wanting to find Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment standpoint numerous organizations preserve separate savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to maintain different bank accounts in some cases in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and discover how enhancing global payroll payments can transform them from a troublesome task into a strategic possession.
Managing payroll globally is a complicated task due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The large number of workers and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and an absence of integration, resulting in disparities and ineffectiveness. Despite living in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and solutions to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more an organization spends on global payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of global companies have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors poorly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the data is delivered to the incorrect place 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 money around the globe payroll and payments do not run efficiently if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be consisted of right and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 intricacy wherever you look ideal ultimately constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to type of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more essential to contribute to kind of the level of intricacy there’s more and more benefits being organ or being provided by services throughout the world so again you’re just aiming to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or real difficult kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would absolutely say that the larger a business 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 teams feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense perspective from an effect viewpoint on employees it is absolutely vital that it’s done correctly and on time so what we imply 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 damaging effect on individuals’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been impressed entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this kind of webinar has been informed 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 workers or not um however ultimately payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is a terrific initial step um offering an end-to-end payroll service for your employees globally once again I believe is another substantial um process again aligning and ensuring you have standardization International processes all of those things are absolutely key to success success of services and lowering the variety 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 regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand 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 easy as possible for everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of shot to get back to everybody so carrying on look why do business pick to main different savings account there are Move Papaya Global Data Location businesses out there doing precisely this for specific nations and I’ve operated in an organization or lots of companies doing precisely that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I think individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it needs altering but eventually people are very stuck with what they recognize
with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having preserving several savings account but there’s a big amount of complexity opts for establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the complexity is substantial however I believe the truthful response is modification um individuals have not had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to keep an eye on and this approach does position numerous difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just did you changed our Enterprise 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 Global employees you should have a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Move Papaya Global Data Location