Over the last 5 or six years …Papaya Global Change Totals… roles on the service provider side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 very bleak and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies preserve different
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 tactical possession uh we’ll likewise discuss a wrap-up and that should leave his time at the really extremely 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 typical and handling them ends up being more and more complex Worldwide companies are looking to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment perspective numerous organizations maintain different bank account just for payroll while some have several accounts in different countries does it make sense for companies to preserve separate bank accounts often in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies enhance the episode complex processes of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a troublesome task into a tactical property.
Managing payroll globally is a challenging job due to various guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual processes, data silos, and a lack of integration, leading to inconsistencies and inadequacies. In spite of living in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in international payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide companies have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes badly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and state what is it what does not need to be included best and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 client’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 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 third parties so with the
world we reside in and wellness being a growing number of important to add to type of the level of complexity there’s a growing number of advantages being organ or being provided by services across the world so once again you’re simply seeking to include a growing number of 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 but have you got any experience in kind of genuine difficulties or real challenging type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually handling 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 understand long gone are the times where we require to develop extra handoffs in the processes that we run in they simply 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 era that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an effect perspective on employees it is absolutely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive effect on individuals’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been impressed entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only notice when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. For that reason, it is necessary to ensure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first Global Payments first payroll payment solution is a great initial step towards supplying a thorough payroll service for workers worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and checking account required for international payroll are key factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
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 easy as possible for everybody that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everyone so proceeding look why do business choose to primary separate bank accounts there are Papaya Global Change Totals companies out there doing precisely this for specific countries and I’ve operated in a service or lots of businesses doing precisely that I can state it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for any person where we don’t need to and any person that’s handling 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 amount that we are I think numerous reasons one is it’s the standard I think people have actually got so utilized to we need a new savings 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 simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it needs changing however ultimately individuals are very stuck with what they’re familiar
with ideal um change is a tough thing we all don’t like change um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having keeping numerous bank accounts however there’s a big amount of complexity goes with setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is huge but I think the sincere response is modification um people haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to keep an eye on and this method does position numerous challenges um so Johnny might you inform us about those difficulties yeah obviously 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 International employees you are worthy of a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Change Totals