Over the last five or 6 years …Papaya Global Year End Update 2021… roles on the provider side and likewise on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes 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 raining here it’s very extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to enhance working capital, and discover how enhancing worldwide payroll payments can transform them from a troublesome job into a strategic property.
Handling payroll internationally is a daunting job due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer number of employees and organizations contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual procedures, data silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Despite residing in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and services to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on international payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global services have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes poorly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the data is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the required multiple processes 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 paying to workers or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be consisted of ideal and what does
it require to be thought of there’s differing 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 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 client’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 technology is enabling us to type of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely important that payroll and finance groups work closer together than ever um I’m always astonished when people state 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 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also 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 kind of the level of intricacy there’s more and more advantages being organ or being provided by services across the world so once again you’re just aiming to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason why 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 an expense perspective from an impact point of view on staff members it is definitely 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 destructive result on people’s well-being and many other aspects if people aren’t paid uh I’ve always been amazed coming into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the first Global Payments first payroll payment service is a terrific primary step um offering an end-to-end payroll option for your staff members worldwide once again I believe is another big um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and minimizing the variety of tools platforms and savings account they need 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 expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 easy as possible for everybody that’s involved in those processes and likewise so picture sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of try to get back to everyone so moving on appearance why do business pick to primary different checking account there are Papaya Global Year End Update 2021 services out there doing precisely this for particular nations and I’ve worked in an organization or numerous services doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t have to and anyone 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 reasons one is it’s the requirement I think individuals have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a process that needs looking at it needs altering but ultimately people are very stuck with what they’re familiar
with right um change is a tough thing all of us do not like modification um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having maintaining multiple checking account however there’s a big amount of complexity chooses establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge but I believe the truthful answer is change um individuals haven’t been able to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or two there is a lot to track and this technique does pose a number of challenges um so Johnny could you inform us about those obstacles yeah obviously 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 International employees you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End Update 2021