Over the last 5 or six years …Papaya Global Update Download… functions on the provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting 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 sunlight is it it’s not no it’s it’s raining here it’s very very dreary and I want I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll also go over a wrap-up and that should leave his time at the very 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 Global workforces become increasingly more common and handling them becomes increasingly more complicated Global organizations are aiming to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment viewpoint numerous companies maintain separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain different bank accounts often in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies enhance the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to enhance working capital, and discover how streamlining global payroll payments can transform them from a troublesome task into a strategic property.
Handling payroll worldwide is a difficult task due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of workers and services contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual procedures, information silos, and a lack of integration, causing disparities and ineffectiveness. Regardless of residing in an age of technological improvements, payroll management has actually been sluggish to adjust, 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 enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on worldwide payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of international organizations have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes poorly communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they depend on the essential numerous processes 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 organization face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be included right 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 country there’s payment amount of time there’s payment abilities 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 any place you look ideal eventually building a knowledge base is definitely crucial but all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 basic and technology is permitting us to type of move on with that it also too to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely important that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 often 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 individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to add to kind of the level of intricacy there’s more and more advantages being organ or being offered by companies throughout the world so once again you’re simply wanting to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or real tough type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more prompt they make them less effective 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 operating in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an effect viewpoint on staff members it is definitely crucial that it’s done properly 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 biggest harmful impact on people’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been amazed entering this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has actually 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 staff members or not um but ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is a fantastic first step um providing an end-to-end payroll option for your workers worldwide again I think is another huge 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 lowering the variety of tools platforms and savings account they require for their Global 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how essential a function it is which’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 involved in those procedures and also so picture sorry I’m simply I was just gon na say think of 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 hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job 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 try to look through them and in fact see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies pick to primary different bank accounts there are Papaya Global Update Download services out there doing exactly this for particular countries and I have actually operated in a business or lots of companies doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I believe 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 however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a process that requires taking a look at it requires changing however eventually people are really stuck to what they recognize
with ideal um modification 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 things um I understand obviously the benefits of having keeping numerous savings account but there’s a huge quantity of intricacy goes with establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific people so the complexity is huge however I believe the sincere answer is change um individuals 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 bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century approximately there is a lot to keep track of and this method does position numerous difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a variety 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 Worldwide employees you should have a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Update Download