Over the last 5 or 6 years …Vip Papaya Global… functions on the company side and likewise on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone okay 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 these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind 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 extremely extremely bleak and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also review a wrap-up which should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and handling them becomes more and more complex Worldwide organizations are aiming to find Solutions and new methods to streamline procedures especially from a payroll and cross-border payment perspective numerous organizations maintain separate bank account just for payroll while some have several accounts in various countries does it make sense for business to preserve different savings account often in various nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business improve the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how business anticipate payroll expenses to enhance working capital, and find how improving international payroll payments can change them from a difficult task into a strategic possession.
Managing payroll globally is a daunting task due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and organizations contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and an absence of combination, resulting in disparities and ineffectiveness. Regardless of residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically 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 only 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in global payroll the less of a photo they see a lack of presence also encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of global companies have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the necessary numerous processes 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 challenges service face when they’re paying to employees or otherwise that’s a good question I always toss this back and state what is it what does not require to be included ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is absolutely vital however 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 look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to type of progress with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing teams work closer together than ever um I’m constantly surprised when people say 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 occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually 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 also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by companies throughout the world so again you’re simply wanting to include increasingly more payments to this already complex 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 obstacles or genuine tough type of pay uses to play to pay individuals I believe yeah I indicate 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 operates 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 however you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an impact perspective on workers it is definitely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental result on people’s wellness and lots of other aspects if people aren’t paid uh I have actually always been impressed coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only notice when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. For that reason, it is important to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the very first International Payments very first payroll payment service is a great preliminary step towards providing a thorough payroll solution for workers worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and savings account required for worldwide payroll are key 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 complaints when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how important 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 everybody that’s involved in those processes and also so think of sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying 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 require days of the week to attempt to browse them and actually see what was going on and kind of shot to get back to everyone so moving on appearance why do companies choose to main separate savings account there are Vip Papaya Global organizations out there doing exactly this for particular nations and I have actually operated in a service or many services doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I think individuals have got so used to we need a brand-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 believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires altering however eventually people are extremely stuck to what they’re familiar
with right um modification is a hard thing all of us do not like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping several checking account however there’s a substantial amount of intricacy opts for establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is big but I believe the truthful answer is change um individuals have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but 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 proceeding and moving into you know what might almost be determined to be the next Century or so there is a lot to monitor and this approach does pose numerous difficulties um so Johnny might you tell us about those difficulties yeah of course 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 staff members you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Vip Papaya Global