Over the last 5 or six years …Papaya Global Logim… roles on the company side and also on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone 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 really very bleak and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll also discuss a wrap-up which must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and handling them becomes more and more intricate International organizations are aiming to discover Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment viewpoint lots of organizations preserve different savings account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain separate checking account 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 known as virtual wallets play in assisting multinational business simplify the episode complex processes of
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to optimize working capital, and find how simplifying global payroll payments can transform them from a burdensome job into a tactical possession.
Handling payroll globally is a daunting task due to various guidelines, compliance requirements, data security issues, and banking rules. The large variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and a lack of integration, resulting in inconsistencies and inadequacies. Regardless of living in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and options to simplify and optimize global payroll payments.
about it to provide 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 sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of international services have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they depend on the essential numerous 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 obstacles organization face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be consisted of 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 amount of time 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 intricacy wherever you look right ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to type of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing groups work better together than ever um I’m constantly impressed when people 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 occupation 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 frequently 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 however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to sort of the level of complexity there’s increasingly more advantages being organ or being offered by businesses across the world so again you’re just wanting to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine difficult sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things but 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 need to produce extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not 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 we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from a cost viewpoint from an impact perspective on staff members it is absolutely critical 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 need to be done right it has the biggest damaging effect on individuals’s wellness and many other aspects if people aren’t paid uh I’ve always been amazed entering into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody 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 likewise like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a great primary step um offering an end-to-end payroll service for your workers globally again I believe is another huge um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of companies and decreasing the number of tools platforms and savings account they need for their International 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 thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 involved in those processes and also so envision sorry I’m simply I was simply gon na say picture the quantity 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 hundreds of thousands possibly Millions imagine 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 but it would certainly be a fascinating task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and kind of try to get back to everybody so carrying on look why do companies pick to primary separate bank accounts there are Papaya Global Logim companies out there doing exactly this for specific countries and I have actually operated in a company or lots of services doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I think individuals have got so utilized to we require a brand-new savings account we open an entity and appropriately 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 individuals have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires altering but ultimately people are really stuck to what they recognize
with ideal um change is a tough thing all of us do not like change um so I think 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 understand obviously the advantages of having preserving several savings account but there’s a huge quantity of intricacy chooses establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private people so the complexity is big but I think the truthful response is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve 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 know what could practically be determined to be the next Century or two there is a lot to monitor and this technique does present numerous challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I just did you switched 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 International staff members you are worthy of a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Logim