Over the last 5 or six years …Utube Setup Papaya Global… functions on the company side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays 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 everybody comes from and I truly 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 raining here it’s very really gloomy and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll likewise discuss a recap 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more common and handling them becomes a growing number of complex International companies are looking to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment standpoint many companies preserve separate savings account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve different bank accounts often in different nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business simplify the episode complex procedures of
Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can transform them from a troublesome task into a strategic property.
Handling payroll internationally is a complicated job due to different regulations, compliance requirements, information security concerns, and banking rules. The sheer number of employees and organizations adds to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, data silos, and an absence of integration, causing inconsistencies and inadequacies. Despite residing in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to offer insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company spends on international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global organizations 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 errors are because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and state what is it what does not require to be included best and what does
it need to be considered there’s differing 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 abilities 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 any place you look best eventually building a knowledge base is definitely critical however all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to type of move forward with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely important that payroll and finance groups work better together than ever um I’m always amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation 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 typically 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 individuals anywhere 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 add to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by services throughout the world so once again you’re just looking to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or real challenging sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details 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 does not always require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single biggest liability that any company has from a cost viewpoint from an impact viewpoint on employees it is absolutely crucial 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 need to be done right it has the biggest destructive impact on people’s well-being and many other elements if people aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally also. Therefore, it is vital to guarantee that tasks like Wi-Fi International and other vital matters are done correctly. Using the very first International Payments very first payroll payment option is a fantastic preliminary step towards supplying a thorough payroll service for employees worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts needed for worldwide payroll are essential factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we know how how crucial 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 procedures and also so think of sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t imagine 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 sort of try to get back to everybody so carrying on appearance why do companies pick to primary separate savings account there are Utube Setup Papaya Global services out there doing precisely this for specific nations and I’ve operated in a company or lots of companies doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have to and anybody that’s managing 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 think lots of factors one is it’s the standard I believe individuals have got so utilized to we require a new savings 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 think it’s just been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires altering but ultimately people are extremely stuck to what they recognize
with ideal um change is a hard thing we all don’t like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining numerous checking account however there’s a big quantity of complexity goes with setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is big but I believe the truthful response is modification um people haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually always 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 know what could almost be figured out to be the next Century or two there is a lot to track and this method does pose a number of challenges um so Johnny might you tell us about those difficulties yeah naturally 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 employees you are worthy of a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Utube Setup Papaya Global