Over the last five or six years …Papaya Global Blog… functions on the provider side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really 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 very gloomy and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also discuss a wrap-up and that needs to 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 International workforces end up being a growing number of typical and managing them ends up being more and more complicated Worldwide organizations are aiming to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment standpoint many organizations maintain different checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate checking account often in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies simplify the episode complex processes of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and find how streamlining international payroll payments can change them from a difficult job into a tactical property.
Managing payroll worldwide is a daunting job due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and companies adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of combination, causing inconsistencies and inefficiencies. Regardless of residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and options to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of global companies have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors badly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a great concern I always throw this back and say what is it what does not require to be included right and what does
it require to be thought of 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 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 client’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is absolutely critical but all over 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 take a look at the kind 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 essential and technology is allowing us to type of move on with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance groups work closer together than ever um I’m always amazed 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 operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information 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 wellness being more and more crucial to add to sort of the level of intricacy there’s a growing number of advantages being organ or being used by businesses across the world so once again you’re simply looking to include more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or genuine difficult type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually 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 understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply 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 that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single greatest liability that any company has from a cost perspective from an effect viewpoint on workers 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 have to be done right it has the greatest damaging effect on people’s wellness and lots of other aspects if people aren’t paid uh I have actually always been astonished entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a great first step um offering an end-to-end payroll service for your employees internationally again I think is another substantial um process once again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and lowering the variety of tools platforms and savings account they require 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 ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 envision sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to return to everyone so carrying on look why do companies choose to main different savings account there are Papaya Global Blog companies out there doing exactly this for particular nations and I have actually operated in a company or numerous companies doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and any person that’s handling 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 think lots of factors one is it’s the requirement I believe individuals have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a process that needs looking at it requires changing but eventually individuals are very stuck to what they’re familiar
with best um change is a hard thing we all do not like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining several savings account but there’s a substantial quantity of intricacy goes with establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is big however I believe the honest answer is change um people haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however 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 might practically be identified to be the next Century or so there is a lot to monitor and this technique does position several difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just did you switched our Enterprise 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 Global staff members 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 Papaya Global Blog