Over the last 5 or six years …Papaya Global Vs Patriot Payroll… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates 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 extremely extremely dreary and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them ends up being more and more complicated International organizations are looking to find Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment viewpoint lots of organizations preserve separate checking account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve separate bank accounts often in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies simplify the episode complex procedures of
Guaranteeing accurate, effective, and timely 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 bank accounts, find out how business forecast payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a burdensome job into a tactical asset.
Handling payroll worldwide is a daunting job due to numerous policies, compliance requirements, data security issues, and banking rules. The sheer number of workers and businesses contributes to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual processes, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Despite residing in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to supply insights and solutions to streamline and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on global payroll the less of an image they see a lack of visibility also extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global businesses have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors badly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the essential multiple processes 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 service face when they’re making payments to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t require to be included right and what does
it require 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 time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 essential and innovation is permitting us to kind of move on with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely essential that payroll and finance groups work closer together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry 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 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 reside in and wellness being more and more essential to contribute to kind of the level of complexity there’s more and more advantages being organ or being used by companies throughout the world so again you’re just seeking to include more and more payments to this already intricate 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 real obstacles or genuine challenging type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info 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 need to be the case you know long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any service has from a cost perspective from an effect perspective on staff members it is absolutely important that it’s done properly and on time so what we imply 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 harmful impact on people’s well-being and lots of other aspects if people aren’t paid uh I have actually constantly been astonished entering this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only notice when things fail. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment option is a great preliminary step towards offering a comprehensive payroll option for staff members worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and savings account essential for international payroll are key factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we know 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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean 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 absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of shot to return to everyone so proceeding appearance why do business choose to primary different savings account there are Papaya Global Vs Patriot Payroll companies out there doing precisely this for specific countries and I’ve worked in a company or many businesses doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not developing extra work for any person where we do not need to and anyone 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 believe numerous reasons one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted 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 methods um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires changing but eventually people are very stuck to what they’re familiar
with right um change is a difficult thing all of us do not like change um so I believe 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 comprehend undoubtedly the benefits of having preserving multiple bank accounts however there’s a huge amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial however I believe the sincere response is change um individuals haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or two there is a lot to monitor and this approach does posture several difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just 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 employees you deserve a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Vs Patriot Payroll