Over the last five or 6 years …Papaya Global Hr Uk… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and handling them ends up being a growing number of intricate Worldwide companies are seeking to discover Solutions and new ways to enhance processes particularly from a payroll and cross-border payment standpoint many organizations preserve different checking account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain different checking account in some cases in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies improve the episode complex processes of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and find how streamlining international payroll payments can change them from a troublesome job into a strategic possession.
Managing payroll worldwide is a daunting job due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and businesses adds to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, causing inconsistencies and inadequacies. Despite living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and services to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data 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 shipped to the wrong location the typical cost of an international information 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 do not run smoothly if they rely on the needed several 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 difficulties company face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of move forward with that it also as well to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m always 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 doesn’t operate in the payroll occupation 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 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being provided by services throughout the world so again you’re just aiming to include more and more payments to this already complex landscape so if you sort 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 tough type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from an expense viewpoint from an impact point of view on employees it is definitely crucial 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 need to be done right it has the greatest damaging result on individuals’s well-being and many other aspects if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just observe when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. Therefore, it is essential to guarantee that tasks like Wi-Fi Global and other essential matters are done correctly. Using the very first Global Payments very first payroll payment option is a fantastic preliminary action towards offering a detailed payroll solution for workers worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account necessary for international payroll are essential consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyway we understand how how important a function 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 everybody that’s involved in those processes and likewise so envision sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting 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 attempt to browse them and in fact see what was going on and kind of try to get back to everyone so moving on appearance why do business pick to primary different checking account there are Papaya Global Hr Uk businesses out there doing precisely this for particular nations and I’ve worked in a service or numerous businesses doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I believe individuals have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering but ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a challenging thing all of us don’t like change 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 lot of track of things um I comprehend certainly the advantages of having maintaining several bank accounts but there’s a huge quantity of complexity goes with setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the complexity is big but I think the sincere answer is modification um people haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or two there is a lot to monitor and this method does pose several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I just did you switched our Business 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 Global staff members you should have a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Hr Uk