Over the last 5 or 6 years …Papaya Global Make Pay Element Inactive… roles on the supplier side and also on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating 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 comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really bleak and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a recap and that needs 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 International workforces end up being more and more common and managing them ends up being a growing number of complicated International companies are wanting to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment perspective lots of companies maintain separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain separate savings account often in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex procedures of
Ensuring precise, efficient, and timely payroll payments is a complex difficulty for companies running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to enhance working capital, and discover how simplifying global payroll payments can change them from a challenging job into a strategic property.
Handling payroll worldwide is a difficult task due to numerous regulations, compliance requirements, data security concerns, and banking rules. The large number of staff members and organizations contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual processes, data silos, and an absence of integration, leading to disparities and inefficiencies. Despite residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and options to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in global payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of global services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors badly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re paying to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t need to be included best and what does
it require 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 client’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely important but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to sort of move forward with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing teams work closer together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market 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 information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by services throughout the world so once again you’re just wanting to include more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing 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 understand long gone are the times where we need to create additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any organization has from an expense viewpoint from an impact point of view on workers it is absolutely 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 have to be done right it has the greatest destructive impact on people’s well-being and numerous other elements if people aren’t paid uh I’ve always been astonished coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been told 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 eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just 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 definitely important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a terrific primary step um providing an end-to-end payroll option for your employees internationally again I think is another big um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts they require for their Global 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how crucial a function 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was just gon na state imagine 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 speaking about hundreds of thousands potentially Millions picture 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 absolutely be an intriguing task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of shot to return to everyone so moving on look why do companies pick to primary separate checking account there are Papaya Global Make Pay Element Inactive organizations out there doing exactly this for particular countries and I have actually worked in a business or numerous organizations doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we don’t need to and anyone that’s managing that process 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 think numerous reasons one is it’s the requirement I believe people have actually got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs altering but ultimately individuals are very stuck to what they’re familiar
with ideal um modification is a hard thing we all don’t like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having maintaining multiple bank accounts however there’s a big amount of intricacy chooses establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is big but I believe the honest answer is modification um people have not been able to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep an eye on and this approach does pose several obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I simply did you changed our Business 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 Worldwide staff members you are worthy of a corner office 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 Make Pay Element Inactive