Over the last five or 6 years …Papaya Global Sap Success Factors… functions on the company side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort 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 sunlight is it it’s not no it’s it’s drizzling here it’s really very dreary and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also go over a recap and that needs to leave his time at the very 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 Global workforces end up being more and more common and handling them ends up being a growing number of intricate International organizations are wanting to discover Solutions and brand-new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint many companies keep separate bank account just for payroll while some have several accounts in various countries does it make good sense for business to preserve separate savings account sometimes in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business streamline the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex challenge for services running worldwide. 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 optimize working capital, and discover how simplifying global payroll payments can change them from a burdensome task into a strategic property.
Managing payroll globally is an overwhelming task due to various policies, compliance requirements, information security issues, and banking rules. The large variety of staff members and companies contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and an absence of combination, leading to disparities and inadequacies. Despite living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and options to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of an image they see a lack of presence also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide companies have 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 due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be considered there’s varying 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 abilities 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 intricacy anywhere you look ideal ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if however 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 recognition that payroll payments are definitely basic and innovation is permitting us to type of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing groups work better together than ever um I’m always amazed when people state I’ve divided 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 divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to add to sort of the level of complexity there’s a growing number of advantages being organ or being offered by organizations throughout the world so once again you’re just aiming to add a growing number of payments to this currently intricate landscape so if you type 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 obstacles or real tough sort 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 state that the bigger a business 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 in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an impact viewpoint on staff members 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 need to be done right it has the most significant damaging effect on individuals’s well-being and many other elements if people aren’t paid uh I have actually always been astonished entering into this Market type of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just discover when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. For that reason, it is essential to guarantee that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first Worldwide Payments first payroll payment solution is an excellent preliminary action towards offering a comprehensive payroll solution for workers worldwide. Standardization, international processes, and lowering the number of tools, platforms, and savings account essential for international payroll are crucial consider achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as planned. Eventually, we do not do it for the gratitude.
anyway we understand how how important 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 simple as possible for everybody that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task attempting 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 try to browse them and really see what was going on and sort of shot to get back to everybody so proceeding look why do business pick to main different savings account there are Papaya Global Sap Success Factors businesses out there doing exactly this for specific countries and I’ve operated in a service or numerous organizations doing precisely that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anyone 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 quantity that we are I think numerous reasons one is it’s the requirement I believe people have actually got so used to we require a brand-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 believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires altering but ultimately people are really stuck to what they’re familiar
with best um change is a tough thing we all do not like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having maintaining several checking account but there’s a big amount of intricacy chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is big however I believe the sincere response is change um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to track and this technique does pose numerous obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Sap Success Factors