Over the last 5 or 6 years …Papaya Global Online Payslips Login Employer… functions on the supplier side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 very extremely gloomy 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 looking at the obstacle years of managing Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a wrap-up which must leave his time at the extremely really 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 end up being more and more typical and managing them ends up being increasingly more complex Worldwide companies are seeking to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment perspective lots of companies keep different savings account just for payroll while some have several accounts in various countries does it make good sense for business to maintain different bank accounts often in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex processes of
Making sure accurate, efficient, and prompt payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and discover how simplifying global payroll payments can change them from a troublesome task into a tactical property.
Handling payroll worldwide is a challenging job due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large variety of employees and companies contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and an absence of combination, leading to disparities and inefficiencies. Despite residing in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and options to streamline and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on international payroll the less of a photo they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of international services 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 mistakes are due to time reporting poor HCM data data entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be consisted of best and what does
it need to be thought about there’s varying 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is definitely important but 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 acknowledgment that payroll payments are definitely basic and innovation is allowing 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 Details varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry 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 also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more essential to contribute to type of the level of complexity there’s more and more advantages being organ or being used by organizations throughout the world so again you’re simply aiming to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine tough kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from a cost perspective from an effect viewpoint on employees it is definitely critical that it’s done properly and on time so what we indicate 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 damaging impact on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been amazed entering this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is a fantastic primary step um providing an end-to-end payroll solution for your staff members globally again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses and reducing the number of tools platforms and checking account they need for their International 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how important 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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na say imagine the quantity 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 potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting 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 held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of try to return to everyone so moving on look why do companies pick to primary separate savings account there are Papaya Global Online Payslips Login Employer organizations out there doing precisely this for specific countries and I’ve operated in a business or many organizations doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s handling 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 believe numerous reasons one is it’s the requirement I think individuals have got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it requires changing however ultimately people are very stuck to what they recognize
with ideal um change is a hard thing all of us don’t like change um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining numerous savings account however there’s a big amount of intricacy goes with setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is huge however I think the honest response is change um people have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to monitor and this technique does pose numerous difficulties um so Johnny could you inform us about those obstacles yeah obviously 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 workers you should have a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Online Payslips Login Employer