Over the last 5 or 6 years …Papaya Global Payroll Stub… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another number of uh well among 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 simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really 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 really extremely gloomy and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also review a recap and that should leave his time at the extremely 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 Worldwide workforces end up being more and more common and handling them ends up being a growing number of intricate Worldwide companies are aiming to discover Solutions and brand-new methods to simplify procedures specifically from a payroll and cross-border payment standpoint numerous companies preserve separate checking account just for payroll while some have several accounts in various countries does it make sense for business to maintain different savings account in some cases in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies simplify the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can change them from a difficult job into a strategic possession.
Managing payroll internationally is a challenging task due to different guidelines, compliance requirements, data security issues, and banking rules. The large variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, information silos, and an absence of combination, resulting in disparities and inadequacies. In spite of residing in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to supply insights and options to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in global payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations as well as lack management and system setups and then when you round it all off and the information is delivered to the wrong place the average expense of an international 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 depend on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be included ideal and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 essential and technology is permitting us to kind of progress with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely important that payroll and finance groups work more detailed together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation 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 data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to add to type of the level of intricacy there’s increasingly more benefits being organ or being used by companies throughout the world so again you’re just wanting to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or real difficult kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly say 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 job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost perspective from an effect perspective on employees it is absolutely vital 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 have to be done right it has the greatest harmful effect on people’s well-being and many other elements if individuals aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific first step um offering an end-to-end payroll service for your employees worldwide once again I think is another big um procedure once again lining up and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of services and decreasing the variety of tools platforms and checking 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 had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how important 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 everybody that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean up all those up for sure oh definitely 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 look through them and in fact see what was going on and kind of try to return to everyone so carrying on appearance why do business choose to main separate checking account there are Papaya Global Payroll Stub companies out there doing precisely this for particular nations and I have actually worked in a company or numerous organizations doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I believe people have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires altering however ultimately people are extremely stuck to what they’re familiar
with best um change is a challenging thing all of us don’t like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining several savings account but there’s a substantial amount of intricacy opts for setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is huge but I think the honest answer is modification um people have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or two there is a lot to monitor and this approach does present numerous challenges um so Johnny could you inform us about those challenges 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 staff members you are worthy of a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Stub