Over the last 5 or 6 years …Payroll Workers Compensation Rate Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates 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 raining here it’s very extremely dreary and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also discuss a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and handling them becomes a growing number of intricate Global organizations are looking to discover Solutions and new ways to improve procedures particularly from a payroll and cross-border payment viewpoint many companies maintain different savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep separate savings account sometimes in various nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies improve the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and find how streamlining global payroll payments can transform them from a troublesome task into a tactical property.
Managing payroll internationally is a complicated job due to numerous policies, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual procedures, data silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Despite residing in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and solutions to simplify and enhance global 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 Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in international payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of global organizations have actually expressed that they do not 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 poor HCM data data entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe 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 viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and state what is it what doesn’t need to be included ideal and what does
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it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 customer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is definitely crucial but all over you look with payroll payment they are like very 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 absolutely essential and innovation is allowing us to kind of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to add to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by organizations across the world so again you’re just seeking to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real challenges or real tough kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from a cost perspective from an impact point of view on workers it is absolutely crucial that it’s done correctly 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 harmful result on people’s well-being and lots of other factors if people aren’t paid uh I have actually always been amazed entering into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think 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 definitely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a terrific initial step um supplying an end-to-end payroll solution for your staff members internationally once again I think is another substantial um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of services and lowering the variety of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in regards to 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 haven’t gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how crucial 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 involved in those processes and also so imagine sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean up 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 really see what was going on and kind of try to return to everyone so carrying on look why do business pick to main different savings account there are Payroll Workers Compensation Rate Papaya Global organizations out there doing exactly this for specific nations and I’ve worked in an organization or lots of businesses doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I believe individuals have got so utilized to we require a new bank 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 think it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it needs altering however ultimately individuals are extremely stuck with what they recognize
with best um modification is a tough thing we all do not like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having maintaining multiple savings account but there’s a big quantity of complexity goes with setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is huge but I believe the honest answer is change um people haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to monitor and this technique does pose numerous difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I simply 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 Worldwide workers you should have a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Payroll Workers Compensation Rate Papaya Global