Over the last 5 or six years …Papaya Global Step By Step Od Entering Wages… roles on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort 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 drizzling here it’s extremely very bleak and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a recap which needs to leave his time at the extremely extremely 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 increasingly more common and managing them becomes more and more complex International organizations are seeking to discover Solutions and new methods to enhance processes particularly from a payroll and cross-border payment perspective many organizations keep separate checking account just for payroll while some have several accounts in various countries does it make sense for business to preserve different checking account often in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies enhance the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and discover how improving international payroll payments can transform them from a troublesome job into a strategic possession.
Managing payroll globally is an overwhelming job due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large number of staff members and services adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual processes, data silos, and a lack of integration, leading to inconsistencies and inefficiencies. In spite of living in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and options to simplify and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of an image they see an absence of presence also reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of international organizations have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be included right and what does
it need to be thought of there’s varying 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble super 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 think there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to kind of move forward with that it likewise also to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance teams work better together than ever um I’m constantly surprised when individuals say I have actually split 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 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to contribute to type of the level of complexity there’s increasingly more benefits being organ or being used by companies throughout the world so once again you’re simply wanting to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or real challenging sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding details 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 always need to be the case you know long gone are the times where we require to create extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost viewpoint from an effect point of view on employees it is definitely important that it’s done correctly and on time so what we suggest 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 destructive result on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been surprised coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll option for your workers worldwide once again I believe is another huge um process again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and reducing the variety of tools platforms and bank accounts they require for their Worldwide 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 ever had a hundred countless them within a payroll cycle do not expect 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 meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow 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 simple as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na say imagine 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 potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean 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 need days of the week to attempt to look through them and in fact see what was going on and kind of shot to get back to everybody so carrying on look why do companies choose to main different checking account there are Papaya Global Step By Step Od Entering Wages companies out there doing exactly this for particular nations and I’ve worked in a service or lots of organizations doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating extra work for any person where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I think individuals have actually got so used to we need a new bank account we open an entity and rightly 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 just 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 sort of do it so I think there’s a range I think this is a process that needs looking at it needs changing however eventually people are extremely stuck with what they recognize
with right um change is a tough thing we all do not like change um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving several checking account however there’s a substantial quantity of intricacy goes with setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is substantial however I believe the sincere answer is modification um people have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to monitor and this technique does posture a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you changed our Enterprise 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 International staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Step By Step Od Entering Wages