Over the last five or six years …Run Payroll Papaya Global… functions on the provider side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everyone another couple 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 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 everybody comes from and I truly 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 very very uninspiring and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise review a wrap-up which must leave his time at the very really 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 labor forces become a growing number of typical and handling them ends up being more and more intricate Global companies are looking to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment viewpoint lots of companies preserve separate bank account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve separate savings account in some cases in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business enhance the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and find how improving international payroll payments can change them from a troublesome job into a strategic property.
Handling payroll globally is a difficult task due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and companies adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual processes, information silos, and an absence of combination, leading to inconsistencies and inadequacies. Regardless of residing in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to supply insights and options to streamline and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of an image they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of international businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the information is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be included best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to type of move forward with that it also as well to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data 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 live in and wellness being more and more crucial to contribute to sort of the level of complexity there’s more and more advantages being organ or being used by services throughout the world so again you’re just seeking to add more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single greatest liability that any service has from a cost perspective from an effect viewpoint on employees it is definitely critical that it’s done correctly and on time so what we mean 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 destructive effect on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been amazed coming into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the first International Payments first payroll payment option is an excellent initial step um supplying an end-to-end payroll service for your employees internationally once again I believe is another substantial um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of services and lowering the number of tools platforms and savings account they require 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’ve never ever had a hundred thousand of 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 haven’t gone quite 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 know how how essential 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 associated with those processes and also so imagine sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and sort of try to return to everyone so carrying on look why do business pick to main separate savings account there are Run Payroll Papaya Global businesses out there doing precisely this for specific countries and I have actually worked in a company or many companies doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we don’t have to and anyone that’s dealing with 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 quantity that we are I believe many reasons one is it’s the standard I believe individuals have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes 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 actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs altering however eventually individuals are extremely stuck with what they recognize
with ideal um modification is a difficult thing all of us don’t like modification um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining numerous savings account but there’s a big amount of complexity opts for setting up a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is big but I believe the truthful answer is modification um individuals have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to track and this approach does position several challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Run Payroll Papaya Global