Over the last five or 6 years …Papaya Global Year End 2019 Update… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating 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 everybody 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 extremely 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 looking at the difficulty years of handling Global payroll why companies keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession 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 recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and managing them ends up being a growing number of complicated Worldwide organizations are wanting to discover Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment perspective numerous companies maintain different checking account just for payroll while some have numerous accounts in various nations does it make sense for companies to keep different checking account sometimes in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies improve the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for services running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to enhance working capital, and find how enhancing global payroll payments can change them from a troublesome job into a strategic asset.
Handling payroll globally is a challenging job due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The large number of employees and services adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual processes, information silos, and an absence of integration, causing disparities and ineffectiveness. In spite of living in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service spends on worldwide payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of global businesses have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the essential 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 good concern I constantly toss this back and state what is it what doesn’t need to be included right and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the client’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble extremely payments no if but some children 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 definitely essential and innovation is enabling us to kind of progress with that it also as well to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 procedure it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so once again you’re simply aiming to include more and more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or real difficult type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but 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 create additional handoffs at the same times 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 age of tech and an age that you understand that we are working in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any company has from an expense point of view from an effect perspective on staff members it is absolutely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only notice when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally as well. Therefore, it is vital to guarantee that tasks like Wi-Fi International and other vital matters are done correctly. Using the very first Global Payments very first payroll payment service is an excellent preliminary step towards supplying a detailed payroll service for staff members worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and bank accounts needed for international payroll are key consider achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as planned. Eventually, we don’t do it for the thankfulness.
anyhow we know how how crucial a role 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 associated with those procedures and likewise so imagine sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that many 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 absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everyone so moving on look why do companies select to primary separate bank accounts there are Papaya Global Year End 2019 Update organizations out there doing exactly this for specific nations and I have actually worked in a business or numerous companies doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need 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 believe numerous reasons one is it’s the requirement I think people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires altering however eventually people are really stuck to what they’re familiar
with right um modification is a challenging thing all of us do not like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having maintaining numerous checking account however there’s a substantial quantity of complexity opts for establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I think the honest response is modification um people have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or so there is a lot to track and this technique does posture a number of obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Year End 2019 Update