Over the last five or six years …Papaya Global Pre-update Reports… functions on the supplier side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of 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 intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll likewise go over a wrap-up which ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and handling them ends up being more and more intricate International organizations are aiming to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment viewpoint many organizations preserve different checking account just for payroll while some have several accounts in various nations does it make good sense for business to maintain separate savings account sometimes in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business enhance the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to optimize working capital, and discover how simplifying international payroll payments can transform them from a burdensome job into a strategic property.
Managing payroll worldwide is a complicated job due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The large variety of employees and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual processes, information silos, and an absence of integration, resulting in inconsistencies and inadequacies. Regardless of residing in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and options to simplify and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on international payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they rely on the needed several 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 service face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be included ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 need to pay from the customer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in 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 permitting us to type of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work closer together than ever um I’m always surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split 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 process it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to add to type of the level of intricacy there’s more and more benefits being organ or being offered by companies across the world so again you’re just seeking to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or real difficult type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state 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 job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any service has from a cost perspective from an effect perspective on workers it is definitely critical that it’s done correctly and on time so what we mean 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 result on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been surprised 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 anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is a great first step um supplying an end-to-end payroll option for your workers worldwide again I think is another substantial um process again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of companies and decreasing the number of tools platforms and checking account they need for their International payroll too couldn’t 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 anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how important 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 everybody that’s associated with those processes and likewise so envision sorry I’m just I was just gon na state envision 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 talking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean up 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 look through them and actually see what was going on and sort of try to get back to everybody so moving on appearance why do companies select to primary different bank accounts there are Papaya Global Pre-update Reports companies out there doing precisely this for particular countries and I have actually worked in an organization or lots of services doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not 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 many factors one is it’s the requirement I think people have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it requires altering but eventually individuals are extremely stuck to what they recognize
with best um change is a tough thing all of us don’t like change um so I believe it’s simply 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 comprehend obviously the advantages of having preserving multiple savings account however there’s a huge quantity of intricacy chooses setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is substantial but I think the truthful response is modification um individuals have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to track and this technique does present numerous obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Pre-update Reports