Over the last 5 or 6 years …Print Old Payslips Papaya Global… functions on the company side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately 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 simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really 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 really extremely dreary and I wish I was somewhere else at this moment in time fine 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 International payroll why business maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also review 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 typical and handling them becomes increasingly more complicated International organizations are seeking to find Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment viewpoint many companies keep different bank account just for payroll while some have several accounts in various nations does it make sense for business to keep different bank accounts often in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business improve the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex obstacle for services running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a challenging task into a tactical property.
Handling payroll internationally is an overwhelming job due to various policies, compliance requirements, information security concerns, and banking guidelines. The large number of workers and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically result in manual procedures, information silos, and an absence of integration, causing disparities and inadequacies. Despite living in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to supply insights and options to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company invests in international payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have actually 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 data entry errors improperly communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the data is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they depend on the necessary several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be consisted of right and what does
it need to be thought about there’s differing 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 abilities 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 intricacy anywhere you look ideal eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to kind of move on with that it also also to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to add 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 once again you’re simply seeking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would certainly say that the larger an organization 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 groups feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single greatest liability that any service has from an expense perspective from an effect point of view on workers it is definitely crucial 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 have to be done right it has the biggest destructive effect on people’s well-being and lots of other elements if people aren’t paid uh I have actually always been astonished coming into this Market type of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally as well. For that reason, it is necessary to ensure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the very first International Payments very first payroll payment solution is a terrific initial action towards supplying an extensive payroll option for workers worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and bank accounts necessary for global payroll are crucial consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we know how how essential 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 simple as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision 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 but it would definitely 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 held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to return to everyone so proceeding appearance why do business choose to primary different savings account there are Print Old Payslips Papaya Global businesses out there doing exactly this for specific nations and I have actually operated in a company or many services doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we do not need to and anybody that’s dealing with that process 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 think many factors one is it’s the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but 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 passed by to contribute to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering but ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a tough thing we all don’t like modification um so I think it’s just 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 clearly the advantages of having maintaining several checking account however there’s a huge quantity of complexity chooses establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private people so the intricacy is huge however I believe the truthful answer is change um individuals have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or two there is a lot to keep an eye on and this technique does position a number of difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I just did you switched our Business 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 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 Print Old Payslips Papaya Global