Over the last five or six years …Cog Papaya Global… roles on the supplier side and also on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a recap which ought to leave his time at the really 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 labor forces end up being more and more common and managing them ends up being a growing number of intricate Global organizations are wanting to find Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment perspective numerous companies preserve different checking account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve different savings account often in various nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies simplify the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a troublesome job into a strategic asset.
Handling payroll globally is a complicated job due to different regulations, compliance requirements, data security issues, and banking rules. The sheer number of employees and organizations adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual processes, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Despite residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to provide insights and services to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal almost 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 errors are due to time reporting bad HCM data information entry mistakes poorly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 definitely basic and technology is allowing us to type of move on with that it also as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely crucial that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by organizations across the world so again you’re simply wanting to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine challenging type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate in they simply 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 know that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost point of view from an impact viewpoint on staff members it is definitely 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 have to be done right it has the greatest detrimental result on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve always been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been told 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 staff members or not um but eventually payroll is such a crucial cycle all of us become aware of 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 believe 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 stuff is done properly so leveraging the very first International Payments very first payroll payment option is an excellent first step um providing an end-to-end payroll option for your workers worldwide once again I think is another big um process again aligning and ensuring you have standardization International processes all of those things are absolutely key to success success of organizations and minimizing the variety of tools platforms and checking account they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how important 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 easy as possible for everybody that’s associated with those procedures and also so think of sorry I’m just I was simply gon na state picture 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 possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing 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 was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and sort of shot to get back to everyone so carrying on look why do companies pick to primary separate checking account there are Cog Papaya Global services out there doing precisely this for specific nations and I have actually operated in an organization or many businesses doing precisely that I can state it does not always 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 do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I think individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have 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 lots of other ways um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it requires altering however ultimately people are extremely stuck with what they’re familiar
with best um change is a difficult thing all of us don’t like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving numerous checking account however there’s a substantial quantity of complexity goes with establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is huge but I think the truthful response is modification um individuals haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to monitor and this approach does pose several challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Cog Papaya Global