Over the last five or six years …Papaya Global Default Password… roles on the service provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely bleak and I wish I was somewhere else at this moment in time alright 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 Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll likewise go over a recap which needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving 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 complicated International companies are looking to discover Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment standpoint numerous companies preserve different bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain different bank accounts in some cases in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex challenge for organizations running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to optimize working capital, and discover how streamlining global payroll payments can change them from a troublesome task into a tactical possession.
Managing payroll worldwide is an overwhelming job due to different regulations, compliance requirements, information security issues, and banking guidelines. The large variety of staff members and businesses adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of integration, causing disparities and inadequacies. In spite of living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and solutions to streamline and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t need to be included 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 capabilities 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 customer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is absolutely crucial but 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 look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to sort of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever 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 crucial to contribute to type of the level of complexity there’s a growing number of advantages being organ or being used by services across the world so once again you’re just seeking to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real obstacles or genuine difficult sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger a business 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 teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an impact point of view on workers it is definitely crucial 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 need to be done right it has the biggest damaging result on people’s well-being and many other elements if people aren’t paid uh I have actually always been amazed coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this type 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 workers or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a terrific first step um offering an end-to-end payroll option for your staff members globally again I believe is another substantial um procedure once again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of organizations and reducing the variety of tools platforms and bank accounts they require for their Worldwide 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 have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand 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 everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating 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 was the case um you ‘d need days of the week to try to check out them and actually see what was going on and kind of shot to return to everybody so proceeding look why do companies select to main separate savings account there are Papaya Global Default Password companies out there doing precisely this for specific nations and I’ve worked in a service or many services doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not have to and any person that’s managing that process 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 factors one is it’s the standard I believe individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe 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 individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering however ultimately individuals are really stuck with what they’re familiar
with ideal um change is a difficult thing all of us don’t like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving several bank accounts but there’s a big quantity of complexity opts for establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big but I believe the honest response is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or two there is a lot to track and this technique does posture a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Default Password