Over the last 5 or 6 years …Papaya Global 19.1 Download… roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type 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 really dreary 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 challenge years of handling International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll likewise discuss a wrap-up and that ought to leave his time at the very 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 workforces become increasingly more typical and handling them ends up being a growing number of intricate Global companies are wanting to find Solutions and new ways to improve processes especially from a payroll and cross-border payment viewpoint lots of organizations keep separate savings account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve different savings account in some cases in different nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and find how simplifying global payroll payments can change them from a burdensome job into a tactical possession.
Handling payroll internationally is an overwhelming task due to various regulations, compliance requirements, information security issues, and banking rules. The large number of employees and organizations contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and an absence of combination, resulting in disparities and ineffectiveness. Despite residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and options to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of global companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors poorly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary 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 challenges company face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be consisted of best and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 complexity wherever you look best ultimately constructing a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to type of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work closer together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to add to kind of the level of complexity there’s increasingly more advantages being organ or being offered by businesses across the world so once again you’re just looking to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real difficulties or real challenging type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams 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 know 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 additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any service has from an expense point of view from an effect viewpoint on staff members it is definitely important 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 greatest destructive result on people’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been surprised entering into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment option is a terrific initial step um offering an end-to-end payroll service for your workers worldwide once again I think is another big um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of companies and lowering the number of tools platforms and bank accounts they require for their International 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 countless them within a payroll cycle don’t anticipate 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 don’t believe any of us are actually doing that for for the thanks
anyway we understand how how essential 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 everyone that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job 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 require days of the week to attempt to browse them and actually see what was going on and kind of shot to get back to everyone so carrying on appearance why do business select to primary different bank accounts there are Papaya Global 19.1 Download businesses out there doing precisely this for particular nations and I have actually worked in a company or lots of businesses doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating extra work for any person where we don’t need to and anybody that’s handling that procedure 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 believe many reasons one is it’s the standard I think individuals have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering but ultimately individuals are extremely stuck with what they’re familiar
with right um change is a difficult thing we all do not like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving multiple checking account but there’s a huge quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is big but I believe the honest response is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or two there is a lot to track and this method does present a number of challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I recently made a modification to our Business 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 acquired another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global 19.1 Download