Over the last 5 or six years …Papaya Global Night School Bridgend… roles on the company side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very dreary and I want I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking 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 forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll also review 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 recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and managing them becomes more and more complex International companies are looking to discover Solutions and new methods to simplify procedures especially from a payroll and cross-border payment perspective many organizations preserve separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve different checking account in some cases in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a troublesome job into a strategic property.
Handling payroll globally is a complicated task due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and services contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and an absence of combination, leading to inconsistencies and inadequacies. Regardless of residing in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to provide insights and services to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in international payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can cause compliance incidents 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 need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the typical expense of a worldwide data 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 needed numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought about there’s varying Bank details 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 intricacy wherever you look ideal ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they are like incredibly 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 in 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 forward with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work closer together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to add to kind of the level of complexity there’s a growing number of advantages being organ or being provided by businesses throughout the world so once again you’re simply aiming 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 huge experience here and I’m sure however have you got any experience in kind of real difficulties or real difficult type of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging 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 viewpoint on workers it is absolutely critical 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 harmful impact on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has actually 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 employees or not um however ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a great first step um supplying an end-to-end payroll solution for your workers internationally once again I believe is another substantial um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and reducing the variety of tools platforms and bank accounts they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how essential a function 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 associated with those processes and likewise so envision sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine 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 certainly be an intriguing job trying to clean up 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 check out them and really see what was going on and kind of shot to get back to everybody so carrying on appearance why do business choose to primary separate savings account there are Papaya Global Night School Bridgend organizations out there doing exactly this for particular countries and I have actually worked in a business or lots of services doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it needs altering but ultimately people are extremely stuck to what they’re familiar
with best um change is a hard thing we all don’t like modification um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving numerous savings account however there’s a big quantity of complexity goes with establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is substantial but I believe the sincere answer is change um people have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to track and this approach does position a number of obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just 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 gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Night School Bridgend