Over the last five or 6 years …Papaya Global Stop Pension Contributions… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone 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 is 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 uninspiring and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also go over a recap which must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and handling them becomes increasingly more intricate Worldwide organizations are seeking to discover Solutions and new methods to simplify processes especially from a payroll and cross-border payment standpoint numerous companies keep separate bank account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain different savings account in some cases in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies improve the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a challenging job into a strategic asset.
Handling payroll worldwide is an overwhelming task due to numerous guidelines, compliance requirements, data security issues, and banking rules. The large number of workers and companies contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and a lack of integration, causing disparities and inadequacies. In spite of residing in an age of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to provide insights and options to streamline and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global services have actually 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 poor HCM information information entry errors badly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is shipped to the wrong place the typical 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 cash all over the world payroll and payments do not run smoothly if they depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to workers or otherwise that’s a great concern I always throw this back and say what is it what does not need to be included right and what does
it require to be thought about there’s differing Bank details 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 need to pay from the customer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely vital however everywhere 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 take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to kind of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being used by services throughout the world so again you’re simply looking to add more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or genuine challenging kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely state that the larger 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 teams feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any company has from an expense perspective from an effect perspective on workers it is absolutely important 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 need to be done right it has the most significant destructive impact on people’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe 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 stuff is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is a terrific initial step um providing an end-to-end payroll service for your employees internationally once again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are definitely key to success success of businesses and decreasing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 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 don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 everyone that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and type of try to return to everyone so proceeding look why do companies choose to main different checking account there are Papaya Global Stop Pension Contributions businesses out there doing precisely this for specific nations and I’ve worked in an organization or many businesses doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s managing that process 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 many factors one is it’s the standard I think people have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering but eventually individuals are really stuck to what they’re familiar
with ideal um change is a hard thing we all don’t like change um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining several checking account however there’s a huge amount of intricacy goes with establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the intricacy is substantial however I think the sincere response is modification um people haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep an eye on and this method does pose several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Stop Pension Contributions