Over the last five or six years …Papaya Global Course Online… functions on the service provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a recap which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and managing them ends up being a growing number of complex International companies are wanting to find Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment perspective lots of companies keep separate checking account just for payroll while some have several accounts in different nations does it make good sense for business to preserve different checking account in some cases in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies streamline the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to enhance working capital, and find how improving international payroll payments can change them from a difficult task into a tactical property.
Handling payroll worldwide is a difficult task due to various policies, compliance requirements, data security issues, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual processes, information silos, and an absence of integration, leading to disparities and ineffectiveness. In spite of 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, often using pen and paper. This webinar objectives to provide insights and services to streamline and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on international payroll the less of a picture they see an absence of visibility also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of international organizations have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the information is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the required several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and state what is it what does not require to be included best and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 ideal ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble 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 definitely essential and innovation is allowing us to type of move on with that it likewise too to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely imperative 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 divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of data 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 more and more essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being used by businesses throughout the world so again you’re simply aiming to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or real difficult kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely 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 info into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single most significant liability that any company has from an expense viewpoint from an effect point of view on staff members it is definitely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need 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’ve always been amazed entering this Market kind of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only discover when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally also. Therefore, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Using the first Worldwide Payments very first payroll payment option is a great initial step towards offering a thorough payroll option for employees worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and checking account needed for worldwide payroll are key consider achieving business 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 gratitude.
anyhow we know how how crucial a role 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 involved in those procedures and likewise so envision sorry I’m simply I was just gon na state picture the amount 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 possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t envision 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 actually see what was going on and sort of shot to return to everybody so proceeding look why do companies choose to main different checking account there are Papaya Global Course Online organizations out there doing precisely this for specific nations and I’ve operated in a business or lots of services doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it needs altering however ultimately individuals are really stuck with what they’re familiar
with ideal um change is a tough thing all of us do not like change um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping multiple bank accounts however there’s a substantial quantity of intricacy chooses establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private people so the complexity is huge however I think the truthful answer is modification um people have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this technique does posture several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I just did you changed 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 Worldwide workers you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Course Online