Over the last five or 6 years …Change Papaya Global Data Location… functions on the provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes 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 drizzling here it’s very very dreary and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also review a wrap-up which must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and managing them ends up being more and more intricate International companies are aiming to discover Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous organizations preserve different checking account just for payroll while some have several accounts in various countries does it make good sense for business to keep different bank accounts in some cases in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex difficulty for services operating globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to optimize working capital, and find how streamlining global payroll payments can transform them from a burdensome job into a strategic asset.
Handling payroll globally is a difficult task due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer number of employees and services contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically result in manual processes, information silos, and an absence of combination, resulting in disparities and inefficiencies. Despite living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to offer insights and options to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization invests in international payroll the less of an image they see an absence of presence also extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of global services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes badly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the typical 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 all over the world payroll and payments don’t run smoothly if they depend on the needed several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be included right and what does
it need to be thought about there’s varying Bank details 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 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 best eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to sort of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely important that payroll and financing groups work better together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so once again you’re simply wanting to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real difficulties or real difficult type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely say that the bigger a service 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 groups feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we operate in they just make them more prompt they make them less effective 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 rightly as you said payroll is the single most significant liability that any business has from an expense perspective from an impact viewpoint on staff members it is absolutely important that it’s done correctly 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 most significant harmful effect on people’s wellness and many other aspects if people aren’t paid uh I’ve constantly been surprised entering into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. For that reason, it is vital to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is a great initial step towards supplying a detailed payroll option for employees worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and savings account necessary for international payroll are key factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know how how important 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 also so imagine sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and type of try to get back to everyone so moving on appearance why do companies select to primary different savings account there are Change Papaya Global Data Location services out there doing precisely this for specific countries and I have actually worked in an organization or numerous services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for any person where we don’t have to and anyone that’s handling 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 think many factors one is it’s the requirement I believe people have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering however eventually individuals are really stuck to what they recognize
with best um modification is a tough thing all of us don’t like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping numerous bank accounts however there’s a huge quantity of complexity opts for setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the intricacy is substantial however I think the sincere answer is modification um individuals have not been able to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or so there is a lot to track and this approach does pose a number of difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Change Papaya Global Data Location