Over the last five or 6 years …Papaya Global Payroll Billing… roles on the service provider side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so 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 currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really 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 drizzling here it’s very really dreary and I wish I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise discuss a wrap-up which ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of common and handling them becomes a growing number of complicated Worldwide companies are seeking to discover Solutions and new methods to simplify processes specifically from a payroll and cross-border payment viewpoint numerous organizations maintain different savings account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve different savings account sometimes in various nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies enhance the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex challenge for services running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can change them from a difficult task into a tactical property.
Handling payroll globally is a complicated task due to various regulations, compliance requirements, information security issues, and banking rules. The large number of employees and organizations contributes to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and an absence of integration, causing inconsistencies and inadequacies. In spite of living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to supply insights and services to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in international payroll the less of a picture they see a lack of visibility also extends to 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 organizations have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors 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 place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be consisted of best and what does
it require to be considered there’s varying 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 anywhere you look right eventually building a knowledge base is absolutely important 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 type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to type of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely crucial that payroll and financing teams work closer together than ever um I’m always impressed 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 split the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there’s more and more benefits being organ or being used by services throughout the world so once again you’re just aiming to include more and more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or real difficult 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 absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply 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 a period that you know that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any company has from a cost viewpoint from an effect point of view on staff members it is absolutely important that it’s done properly 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 impact on people’s wellness and many other factors if individuals aren’t paid uh I have actually constantly been impressed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 stuff is absolutely important that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll solution for your staff members worldwide again I think is another substantial um procedure again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of companies and decreasing the variety of tools platforms and savings account they require for their International 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’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how essential a function 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 simple as possible for everyone that’s associated with those processes and also so think of sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t think of 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 really see what was going on and type of try to get back to everybody so moving on look why do business select to main different savings account there are Papaya Global Payroll Billing companies out there doing precisely this for specific nations and I have actually worked in an organization or lots of businesses doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s handling that procedure 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 believe lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we require a new savings account we open an entity and rightly so you require 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 norm the people have adopted 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 methods um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering however eventually people are extremely stuck with what they’re familiar
with right um modification is a challenging thing all of us don’t like change um so I believe it’s simply kind 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 advantages of having preserving numerous savings account but there’s a big amount of intricacy chooses setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is huge but I think the sincere answer is modification um individuals have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to monitor and this approach does posture numerous challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I simply 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 workers you are worthy of a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Billing