Over the last 5 or 6 years …Papaya Global Certified Payroll… roles on the supplier side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion 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 or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really dreary and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll also review a recap and that ought to leave his time at the really really 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 Worldwide labor forces end up being more and more common and managing them ends up being increasingly more complex International companies are looking to find Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment standpoint many companies preserve separate savings account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep separate savings account sometimes in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business streamline the episode complex processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and discover how streamlining international payroll payments can change them from a difficult task into a strategic possession.
Managing payroll globally is a daunting task due to different guidelines, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and a lack of combination, leading to disparities and inadequacies. Regardless of residing in an age of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and solutions to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on worldwide payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of global services have actually revealed that they do not 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 information data entry errors poorly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the incorrect place the average expense of a global 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 don’t run efficiently if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not need to be consisted of right and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble extremely 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 essential and innovation is enabling us to type of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide 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 individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being used by companies across the world so again you’re simply wanting to add a growing number of payments to this currently complex 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 real difficulties or real difficult sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single biggest liability that any service has from a cost point of view from an effect viewpoint on staff members it is absolutely critical 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 harmful impact on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been amazed entering into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however 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 also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is an excellent primary step um offering an end-to-end payroll option for your employees globally once again I think is another huge um process once again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and lowering 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 terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how important a function 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 associated with those procedures and likewise 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’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and kind of shot to get back to everyone so carrying on appearance why do business choose to primary separate checking account there are Papaya Global Certified Payroll services out there doing exactly this for particular countries and I’ve worked in a business or numerous businesses doing exactly that I can say it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement 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 functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering however ultimately individuals are very stuck with what they recognize
with right um change is a tough thing all of us do not like modification um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining numerous checking account but there’s a substantial quantity of intricacy chooses establishing a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is substantial but I believe the sincere answer is modification um people haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or so there is a lot to keep track of and this approach does position numerous difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Certified Payroll