Over the last 5 or 6 years …Papaya Global For Budget-friendly Hr Operations… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everybody another number of uh well among 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 everybody is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 very very gloomy and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll also discuss a wrap-up and that should leave his time at the really really 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 Global labor forces end up being more and more common and handling them becomes more and more complicated International organizations are seeking to find Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective numerous organizations maintain different savings account just for payroll while some have multiple accounts in different countries does it make sense for business to preserve different checking account often in different nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies streamline the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to enhance working capital, and discover how streamlining international payroll payments can change them from a burdensome task into a strategic property.
Managing payroll internationally is an overwhelming task due to various regulations, compliance requirements, data security issues, and banking guidelines. The large number of employees and services contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically result in manual procedures, data silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Regardless of residing in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and options to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in global payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide companies have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re making payments 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 country there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to add to type of the level of intricacy there’s increasingly more benefits being organ or being provided by organizations throughout the world so once again you’re just wanting to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or real tough kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s actually managing the payment side of things however 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 produce extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not 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 we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from an expense point of view from an impact perspective on staff members it is definitely important that it’s done correctly 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 destructive result on people’s wellness and lots of other elements if people aren’t paid uh I’ve always been impressed entering into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem 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 correctly so leveraging the first Worldwide Payments first payroll payment service is a great initial step um supplying an end-to-end payroll service for your workers internationally once again I think is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of services and minimizing the number of tools platforms and checking account 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 ever had a hundred countless 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 problems where things haven’t gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know 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 everyone that’s associated with those procedures and likewise so imagine 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 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 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 look through them and in fact see what was going on and type of shot to return to everyone so proceeding look why do companies select to primary separate checking account there are Papaya Global For Budget-friendly Hr Operations companies out there doing precisely this for specific nations and I’ve operated in an organization or many services doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I believe individuals have actually 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 number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing but eventually individuals are really stuck to what they recognize
with ideal um change is a tough thing we all do not like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having preserving numerous savings account however there’s a substantial amount of complexity chooses establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is big but I think the sincere response is change um individuals have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or two there is a lot to keep track of and this technique does present several obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I simply 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 staff members you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global For Budget-friendly Hr Operations