Over the last five or six years …Sick Pay Papaya Global… functions on the provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time all right 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 International payroll why business keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll likewise review a wrap-up which should 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 Global labor forces end up being a growing number of common and managing them becomes increasingly more complicated International companies are looking to discover Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment viewpoint lots of companies keep different savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve different bank accounts in some cases in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies enhance the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to enhance working capital, and discover how improving global payroll payments can change them from a burdensome job into a strategic asset.
Handling payroll internationally is an overwhelming job due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and companies adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and a lack of combination, leading to inconsistencies and inefficiencies. Regardless of living in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to provide insights and services to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in global payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of global services have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is shipped to the incorrect location the typical cost of a global information 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 efficiently if they depend on the required multiple 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 company face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work better together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 anywhere 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 add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by businesses across the world so once again you’re just wanting to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain 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 indicate over the last well yeah a number of decades I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to develop additional handoffs in the processes 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 an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from a cost perspective from an effect perspective on employees it is definitely crucial that it’s done correctly and on time so what we indicate 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 result on individuals’s well-being and numerous other elements if people aren’t paid uh I’ve always been impressed entering into this Market type of the last five to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only discover when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally as well. For that reason, it is important to make sure that jobs like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Global Payments first payroll payment service is a fantastic initial action towards offering a comprehensive payroll service for employees worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and bank accounts necessary for global payroll are essential factors in achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.
anyway we know how how essential a role 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 everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of shot to return to everybody so carrying on appearance why do companies choose to main separate savings account there are Sick Pay Papaya Global businesses out there doing precisely this for particular nations and I have actually operated in an organization or lots of businesses doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I think people have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires changing but eventually people are really stuck with what they recognize
with right um modification is a challenging thing we all do not like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining numerous bank accounts however there’s a huge amount of complexity goes with setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is huge but I think the truthful response is change um people haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep track of and this method does pose numerous difficulties um so Johnny might you tell us about those obstacles yeah naturally 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 deserve a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Sick Pay Papaya Global