Over the last five or six years …Osborne Book Shop Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 extremely dreary and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a recap and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and handling them ends up being increasingly more intricate Worldwide companies are seeking to find Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment standpoint lots of organizations keep separate savings account just for payroll while some have several accounts in different countries does it make good sense for business to keep separate bank accounts often in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies streamline the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a challenging task into a tactical asset.
Handling payroll internationally is a challenging job due to various policies, compliance requirements, information security concerns, and banking rules. The large variety of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, information silos, and a lack of integration, leading to disparities and inefficiencies. In spite of living in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service invests in international payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of global organizations have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the wrong place the typical expense of a worldwide 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 count on the essential several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not require to be consisted of right and what does
it require to be thought about there’s differing Bank details 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 customer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is absolutely important 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 take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to type of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to kind of the level of complexity there’s increasingly more benefits being organ or being offered by services across the world so again you’re simply wanting to add more and more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason why 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 service has from a cost viewpoint from an impact perspective on workers it is definitely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging impact on people’s well-being and many other factors if people aren’t paid uh I’ve constantly been surprised entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has actually been told 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 employees or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply 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 definitely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a terrific primary step um supplying an end-to-end payroll option for your staff members internationally again I believe is another huge um process once again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of businesses and reducing the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t 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 anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 everybody that’s associated with those processes and also so envision sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everybody so moving on appearance why do business choose to primary different savings account there are Osborne Book Shop Papaya Global services out there doing precisely this for particular countries and I have actually worked in a business or numerous services doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not have to and anyone 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 quantity that we are I believe numerous factors one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering but ultimately people are very stuck to what they’re familiar
with right um change is a tough thing all of us do not like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping multiple bank accounts however there’s a substantial amount of complexity opts for setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is big however I think the sincere response is modification um individuals have not had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or so there is a lot to monitor and this technique does present several difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just did you switched 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 workers you are worthy of a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Osborne Book Shop Papaya Global