Over the last 5 or six years …Papaya Global.Com/Product/Payroll/Full-service… functions on the company side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very bleak and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll also go over a recap and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and managing them becomes more and more complicated Worldwide organizations are seeking to find Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective many companies keep separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve separate bank accounts in some cases in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies improve the episode complex procedures of
Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to enhance working capital, and discover how simplifying global payroll payments can change them from a burdensome task into a strategic possession.
Handling payroll worldwide is a complicated task due to numerous guidelines, compliance requirements, information security issues, and banking rules. The sheer variety of workers and services adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. In spite of residing in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to supply insights and solutions to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on global payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide organizations have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors inadequately communicated hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the necessary multiple procedures 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 challenges company face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be included right 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 country there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to kind of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to contribute to kind of the level of complexity there’s more and more advantages being organ or being provided by organizations throughout the world so once again you’re simply aiming to include a growing number of payments to this currently complicated landscape so if you sort 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 genuine difficulties or real difficult kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups 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 however you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single most significant liability that any company has from a cost perspective from an effect point of view on staff members it is definitely important 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 have to be done right it has the greatest destructive effect on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually always been amazed entering this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally also. For that reason, it is necessary to ensure that tasks like Wi-Fi International and other essential matters are done properly. Using the very first Global Payments very first payroll payment solution is a fantastic initial step towards providing an extensive payroll option for staff members worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and savings account essential for global payroll are crucial factors in accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyhow we understand 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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting 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 attempt to look through them and really see what was going on and type of shot to return to everybody so moving on look why do companies choose to primary separate bank accounts there are Papaya Global.Com/Product/Payroll/Full-service services out there doing precisely this for particular countries and I have actually worked in an organization or lots of services doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s handling 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 lots of reasons one is it’s the standard I think people have actually got so utilized to we need a new savings account we open an entity and appropriately so you need 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 standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs altering but eventually individuals are extremely stuck with what they’re familiar
with best um modification is a tough thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving several savings account however there’s a big quantity of complexity goes with setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is substantial but I think the sincere answer is change um individuals haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to track and this method does position a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global.Com/Product/Payroll/Full-service