Over the last five or six years …Papaya Global Changing From Weekly To Monthly… roles on the company side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two 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 already simply to hear where everyone 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 is 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 bleak and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll also review a recap and that must leave his time at the very very 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 International labor forces become increasingly more typical and handling them becomes increasingly more intricate International companies are wanting to find Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective lots of companies preserve separate bank account just for payroll while some have several accounts in different countries does it make sense for business to keep separate savings account in some cases in different nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies simplify the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can transform them from a difficult task into a tactical possession.
Managing payroll globally is a difficult task due to numerous policies, compliance requirements, data security issues, and banking rules. The sheer variety of employees and businesses adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and an absence of integration, leading to inconsistencies and inadequacies. In spite of residing in a period of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and options to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business spends on worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide organizations have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly communicated hires and terminations along with absence management and system setups and then when you round everything off and the data is delivered to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the essential several 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 obstacles service face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought about there’s varying Bank information 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 consumer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is definitely vital but all over you look with payroll payment they are like super payments no if however 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 think there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to type of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people state 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 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more essential to add to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by services throughout the world so again you’re just wanting to add increasingly more payments to this currently intricate 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 obstacles or genuine challenging kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would absolutely say that the larger a service 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 groups feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we run in they just make them more timely 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 know that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense point of view from an impact perspective on workers it is definitely vital that it’s done properly 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 detrimental impact on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been surprised entering into this Market sort of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally as well. Therefore, it is important to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the first International Payments very first payroll payment solution is a terrific preliminary step towards offering an extensive payroll solution for workers worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and checking account needed for global payroll are crucial factors in attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things do not go as planned. Eventually, we don’t do it for the gratitude.
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 simple as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na say picture 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 potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting 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 really see what was going on and kind of try to return to everybody so carrying on appearance why do companies pick to main different savings account there are Papaya Global Changing From Weekly To Monthly companies out there doing exactly this for specific nations and I’ve worked in a company or lots of organizations doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t 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 factors one is it’s the requirement I believe individuals have got so used to we need a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it needs changing but ultimately people are really stuck with what they recognize
with best um modification is a tough thing we all do not like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining numerous savings account however there’s a huge amount of intricacy goes with establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is huge however I think the truthful answer is modification um individuals haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to keep track of and this method does position numerous difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I simply 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 Worldwide employees you deserve a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Changing From Weekly To Monthly