Over the last five or 6 years …Https Manage.Papaya Global.Com Payrolls New… functions on the provider side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone 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 everybody 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 certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really bleak and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we’ll likewise review a recap which must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and managing them ends up being more and more complicated International organizations are wanting to find Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment perspective numerous companies keep different bank account just for payroll while some have multiple accounts in different nations does it make sense for companies to preserve different checking account often in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and discover how simplifying global payroll payments can transform them from a difficult job into a tactical asset.
Managing payroll internationally is a complicated task due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and businesses adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and an absence of integration, leading to inconsistencies and inefficiencies. Regardless of living in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to offer insights and services to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a business invests in global payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors improperly communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the typical cost 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 cash around the world payroll and payments do not run efficiently if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be consisted of right and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble incredibly payments no if but some infants 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 absolutely essential and innovation is allowing us to sort of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m always amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to add to type of the level of complexity there’s increasingly more benefits being organ or being offered by businesses throughout the world so once again you’re just aiming 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’m sure but have you got any experience in kind of real obstacles or genuine challenging kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger a company 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 handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from an expense perspective from an effect perspective on employees it is definitely important 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 need to be done right it has the greatest harmful effect on people’s well-being and many other aspects if people aren’t paid uh I have actually always been surprised coming into this Market type of the last five to ten years is how little thanks the
The payroll group may not have been thanked for correctly 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 a crucial cycle, and people just discover when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first Global Payments first payroll payment solution is a fantastic initial action towards providing an extensive payroll solution for staff members worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account needed for international payroll are essential factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as prepared. Eventually, we do not do it for the gratitude.
anyway we understand how how important 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 associated with those procedures and likewise so think of sorry I’m just I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and type of shot to get back to everybody so carrying on appearance why do business select to primary different savings account there are Https Manage.Papaya Global.Com Payrolls New companies out there doing exactly this for particular countries and I have actually operated in a service or numerous companies doing exactly that I can state it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anyone that’s managing that procedure 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 standard I think people have actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs changing but eventually people are extremely stuck to what they recognize
with ideal um change is a challenging thing all of us do not like change um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having keeping several bank accounts but there’s a huge amount of intricacy goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is substantial but I think the honest answer is change um people have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to track and this technique does present several challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Https Manage.Papaya Global.Com Payrolls New