Over the last 5 or six years …Papaya Global Contact No… functions on the provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of 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 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 everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring 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 taking a look at the obstacle years of managing Worldwide payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll likewise discuss a recap and that should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and managing them becomes a growing number of complex International organizations are wanting to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment standpoint lots of organizations preserve different savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain different savings account sometimes in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies improve the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to enhance working capital, and find how simplifying international payroll payments can change them from a challenging job into a strategic asset.
Handling payroll internationally is a daunting task due to different regulations, compliance requirements, data security concerns, and banking rules. The large number of workers and organizations adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual processes, information silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. Despite living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer 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 organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of an image they see a lack of presence also extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of global businesses have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations as well as absence 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 once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view 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 a good question I constantly throw this back and say what is it what does not need to be included right 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 timespan 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is definitely vital however all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to kind of move on with that it likewise also to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely essential that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually 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 increasingly more important to add to sort of the level of complexity there’s more and more advantages being organ or being provided by organizations throughout the world so again you’re simply aiming to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an impact perspective on staff members it is absolutely important 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 most significant detrimental impact on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been surprised entering this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe 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 absolutely crucial that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll solution for your staff members globally once again I think is another big um process again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and checking account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyhow 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 easy as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely 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 check out them and in fact see what was going on and type of try to return to everybody so moving on look why do business pick to main different bank accounts there are Papaya Global Contact No services out there doing precisely this for particular countries and I have actually operated in a company or lots of organizations doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not developing additional work for anybody where we do not 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 lots of factors one is it’s the standard I think individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by 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 believe this is a process that needs taking a look at it requires altering but ultimately individuals are extremely stuck to what they’re familiar
with best um modification is a tough thing all of us do not like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping multiple checking account however there’s a huge quantity of complexity chooses establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is big however I think the sincere answer is change um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this approach does position several difficulties um so Johnny could you tell us about those obstacles yeah naturally 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Contact No