Over the last 5 or six years …Net Framework Stopped Papaya Global… roles on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or so to join we all 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 everybody is um it’s nice to to sort of like see where everybody originates from and I actually 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 extremely very bleak and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also review a recap which needs to 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 Worldwide workforces become more and more typical and handling them ends up being increasingly more complex International companies are wanting to discover Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment perspective many organizations keep separate bank account just for payroll while some have numerous accounts in various countries does it make good sense for business to maintain separate checking account sometimes in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies streamline the episode complex procedures of
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to enhance working capital, and discover how improving global payroll payments can change them from a challenging task into a tactical asset.
Managing payroll worldwide is a challenging job due to numerous policies, compliance requirements, information security concerns, and banking rules. The sheer number of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and a lack of combination, causing inconsistencies and ineffectiveness. Regardless of living in an age of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to offer insights and options to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on global payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of global businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t need to be included best and what does
it need 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 time frames 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 customer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work closer together than ever um I’m always surprised when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so once again you’re just wanting to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real difficulties or real tough sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would absolutely state 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 task there are groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra 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 need to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any company has from a cost viewpoint from an impact viewpoint on employees it is absolutely crucial that it’s done correctly 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 most significant damaging impact on individuals’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been surprised entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a fantastic first step um providing an end-to-end payroll option for your staff members globally once again I believe is another substantial um process again lining up and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of services and reducing the variety of tools platforms and bank accounts they require for their Global 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 have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 everyone that’s associated with those procedures and also so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of try to return to everybody so carrying on look why do business pick to primary different savings account there are Net Framework Stopped Papaya Global companies out there doing exactly this for particular nations and I’ve worked in an organization or numerous companies doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we do not have to and anybody that’s dealing with 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 amount that we are I think numerous reasons one is it’s the standard I believe individuals have got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually embraced 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 lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering but ultimately people are very stuck with what they’re familiar
with best um change is a difficult thing all of us do not like modification um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining several checking account however there’s a huge amount of intricacy chooses establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is big however I think the truthful answer is change um people haven’t been able to change or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think 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 reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to monitor and this technique does position a number of challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Net Framework Stopped Papaya Global