Over the last five or six years …Xero Accounting Papaya Global Payroll… functions on the supplier side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 very very gloomy and I wish I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll also go over a recap and that must leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and managing them becomes more and more complicated International companies are wanting to discover Solutions and new ways to simplify processes especially from a payroll and cross-border payment perspective numerous companies preserve separate savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve separate bank accounts in some cases in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business enhance the episode complex procedures of
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to enhance working capital, and find how enhancing international payroll payments can transform them from a burdensome task into a strategic property.
Managing payroll worldwide is a challenging task due to different policies, compliance requirements, data security issues, and banking guidelines. The large variety of staff members and businesses contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and an absence of integration, causing disparities and inadequacies. Regardless of residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to supply insights and options to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they count on the necessary several 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 service face when they’re paying to employees or otherwise that’s a good question I always throw this back and say what is it what does not need to be consisted of best and what does
it need to be considered there’s differing Bank details 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 have 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 right eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble very payments no if however some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to kind of progress with that it also also to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I’m always impressed when people say 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 a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being used by services throughout the world so again you’re simply aiming to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real challenges or genuine difficult sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more timely 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 working in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from a cost point of view from an impact point of view on employees it is definitely vital 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 greatest damaging impact on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve always been amazed entering into this Market sort of the last five to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally as well. For that reason, it is important to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Global Payments very first payroll payment solution is a fantastic preliminary step towards providing a detailed payroll option for workers worldwide. Standardization, international processes, and lowering the number of tools, platforms, and bank accounts required for international payroll are key consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we understand how how important a function 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 likewise so picture sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and sort of shot to get back to everyone so proceeding appearance why do companies choose to primary separate savings account there are Xero Accounting Papaya Global Payroll companies out there doing exactly this for particular countries and I’ve operated in a business or lots of services doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we do not have to and anybody that’s dealing with that procedure 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 numerous reasons one is it’s the requirement I think individuals have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have 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 ways um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing but ultimately individuals are really stuck to what they recognize
with ideal um change is a hard thing all of us don’t like modification um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving numerous savings account however there’s a substantial amount of complexity chooses setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is huge however I believe the sincere response is modification um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep track of and this method does pose a number of difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Xero Accounting Papaya Global Payroll