Over the last 5 or 6 years …Papaya Global My Login… roles on the provider side and likewise on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly 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 extremely very bleak and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise review a wrap-up which must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and managing them ends up being a growing number of intricate International companies are wanting to discover Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous companies preserve separate checking account just for payroll while some have several accounts in different countries does it make sense for companies to preserve different bank accounts in some cases in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to optimize working capital, and find how simplifying international payroll payments can change them from a challenging task into a tactical possession.
Handling payroll worldwide is an overwhelming task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and services contributes to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, leading to inconsistencies and inadequacies. In spite of residing in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to provide insights and services to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is shipped to the wrong 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 require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the essential several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t require to be included best and what does
it require 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is definitely critical however all over you look with payroll payment they are like very payments no if but some children 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 definitely basic and technology is permitting us to kind of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and financing groups work better together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market 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 people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being used by organizations throughout the world so again you’re just wanting to add more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your large 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 individuals I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from an expense point of view from an effect perspective on employees it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental impact on individuals’s well-being and many other factors if people aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is an excellent initial step um providing an end-to-end payroll service for your employees globally once again I believe is another huge um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of businesses and decreasing the variety of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyway 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 associated with those procedures and likewise so picture sorry I’m just I was just gon na say think of 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 hundreds of thousands possibly Millions envision 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 definitely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of try to get back to everybody so moving on appearance why do companies choose to primary different savings account there are Papaya Global My Login companies out there doing precisely this for particular nations and I’ve worked in a business or lots of businesses doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe people have actually got so utilized to we require a new savings 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 think it’s just been the requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing however ultimately individuals are extremely stuck with what they recognize
with right um change is a tough thing we all don’t like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping several bank accounts but there’s a substantial quantity of complexity goes with establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is big however I believe the sincere response is modification um individuals have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve 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 monitor and this approach does posture a number of challenges um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global My Login