Over the last 5 or 6 years …Papaya Global Niue… roles on the company side and also on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing 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 everybody comes from and I truly 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 really bleak and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a recap and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and managing them ends up being more and more complex International organizations are looking to discover Solutions and new methods to streamline procedures especially from a payroll and cross-border payment perspective many organizations preserve separate savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve different bank accounts sometimes in different nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies improve the episode complex procedures of
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for services operating globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how business forecast payroll costs to optimize working capital, and find how improving global payroll payments can change them from a burdensome job into a strategic asset.
Handling payroll globally is a difficult job due to different guidelines, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to supply insights and services to simplify and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of a picture they see a lack of presence also extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of global businesses have actually revealed 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 because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and state what is it what does not need to be included right and what does
it require to be thought about there’s differing Bank information 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely fundamental and technology is allowing us to kind of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market 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 wherever they are however 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 type of the level of complexity there’s increasingly more benefits being organ or being provided by organizations across the world so once again you’re just looking to add increasingly more payments to this already complex landscape so if you type 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 genuine obstacles or genuine tough type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact 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 understand long gone are the times where we need to create extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any business has from a cost point of view from an impact perspective on employees 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 have to be done right it has the greatest damaging effect on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been surprised entering into this Market type of the last five to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. Therefore, it is essential to make sure that jobs like Wi-Fi Worldwide and other essential matters are done properly. Using the very first Global Payments first payroll payment service is a fantastic preliminary step towards providing a detailed payroll option for staff members worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and savings account essential for global payroll are essential consider attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we understand how how essential 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 associated with those processes and also so picture sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task attempting to clean up all those up for sure oh definitely I can’t think of 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 type of shot to return to everybody so proceeding look why do companies choose to primary separate savings account there are Papaya Global Niue services out there doing precisely this for specific countries and I’ve worked in a company or lots of services doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I think people have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions however there are a variety 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 believe there’s a variety I think this is a procedure that requires looking at it needs changing but ultimately people are extremely stuck with what they recognize
with right um change is a challenging thing all of us do not like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping multiple savings account however there’s a substantial quantity of intricacy chooses setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial but I think the truthful answer 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 besides opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century approximately there is a lot to track and this technique does posture numerous difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Niue