Over the last 5 or six years …Papaya Global Programdata… functions on the provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really 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 drizzling here it’s really very gloomy and I want I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a wrap-up which needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them becomes a growing number of complicated Worldwide organizations are wanting to discover Solutions and new methods to improve procedures especially from a payroll and cross-border payment standpoint many organizations maintain different bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve separate bank accounts sometimes in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a challenging task into a strategic property.
Handling payroll worldwide is a complicated task due to different regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and companies contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. In spite of residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a picture they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 client’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to type of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m always astonished when people state I’ve split payroll and payment um if you walk down the street and asked anybody 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 an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to contribute to type of the level of complexity there’s increasingly more benefits being organ or being used by organizations throughout the world so again you’re simply aiming to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine challenges or real tough sort of pay utilizes to play to pay people I think yeah I mean 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 task there are teams feeding details into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any service has from an expense perspective from an impact perspective on employees it is absolutely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental impact on people’s well-being and many other elements if individuals aren’t paid uh I’ve always been impressed entering this Market type of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only discover when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally as well. Therefore, it is necessary to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first Global Payments very first payroll payment service is a terrific initial step towards offering an extensive payroll solution for employees worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and bank accounts needed for international payroll are key factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we know how how crucial a role 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 also so envision sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and type of try to get back to everybody so carrying on appearance why do business choose to main different checking account there are Papaya Global Programdata organizations out there doing exactly this for particular nations and I’ve worked in an organization or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe individuals have got so used to we require a brand-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 think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires altering but eventually people are extremely stuck with what they’re familiar
with right um modification is a difficult thing all of us don’t like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining multiple bank accounts but there’s a substantial amount of complexity goes with setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is big but I believe the truthful answer is modification um people have not had the ability to change or haven’t had necessarily the knowledge 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 believe it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this approach does posture a number of challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just did you switched our Enterprise 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 staff members you should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Programdata