Over the last 5 or six years …Change Payment To Direct Deposit Papaya Global… functions on the provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting 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 everyone originates from and I actually 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 raining here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll also review a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and managing them becomes increasingly more intricate Worldwide organizations are seeking to discover Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment viewpoint numerous companies keep different bank account just for payroll while some have multiple accounts in different countries does it make sense for business to keep different bank accounts sometimes in various countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business improve the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, learn how business forecast payroll costs to optimize working capital, and discover how improving international payroll payments can change them from a troublesome task into a tactical asset.
Handling payroll globally is a difficult job due to different guidelines, compliance requirements, information security issues, and banking guidelines. The large variety of employees and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and an absence of integration, resulting in disparities and ineffectiveness. Regardless of living in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and options to streamline and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization spends on international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of international businesses have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is delivered to the wrong location 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 money around the world payroll and payments do not run efficiently if they count on the required multiple 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 challenges service face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be included right and what does
it need to be thought about 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely essential and technology is permitting us to type of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work closer together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 typically 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 any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to add to sort of the level of complexity there’s more and more benefits being organ or being offered by organizations across the world so again you’re simply aiming to include more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine tough type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely say that the bigger 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 teams feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any company has from a cost perspective from an impact viewpoint on employees it is definitely crucial 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 most significant destructive effect on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been told 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 an essential cycle we all hear about 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 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 things is definitely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment solution is a terrific first step um offering an end-to-end payroll service for your staff members internationally again I believe is another big um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of services and reducing the number of tools platforms and bank accounts they need for their Global payroll too couldn’t 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 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 grievances where things have not gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know 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 everyone that’s associated with those processes and also so envision sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and sort of try to get back to everyone so proceeding appearance why do business select to primary different checking account there are Change Payment To Direct Deposit Papaya Global services out there doing precisely this for specific countries and I’ve operated in an organization or numerous companies doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we do not have to and anybody that’s dealing with 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 think many reasons one is it’s the standard I believe individuals have actually got so used to we require a new savings 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 simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires changing however eventually people are really stuck to what they recognize
with best um modification is a tough thing all of us do not like modification um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining several checking account however there’s a substantial amount of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is big however I think the truthful answer is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to monitor and this approach does position several challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I simply did you changed 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 more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Change Payment To Direct Deposit Papaya Global