Over the last five or six years …Papaya Global Jp Morgan… functions on the provider side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really 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 uninspiring and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also review a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and managing them ends up being more and more complex Worldwide organizations are aiming to discover Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment standpoint lots of organizations preserve different checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep different bank accounts in some cases in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business streamline the episode complex processes of
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and find how improving worldwide payroll payments can change them from a difficult job into a tactical asset.
Handling payroll internationally is a complicated task due to different guidelines, compliance requirements, information security issues, and banking rules. The large variety of staff members and organizations adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and a lack of integration, causing disparities and inefficiencies. In spite of living in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and options to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global companies have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations along with absence management and system setups and then when you round everything off and the data is delivered to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they depend on the necessary several processes 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 making payments to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought about there’s differing 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 complexity any place you look best eventually building a knowledge base is absolutely important however 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 take a 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 also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation 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 data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to add to kind of the level of intricacy there’s more and more benefits being organ or being offered by organizations across the world so once again you’re just looking to add more and more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or real tough kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would absolutely say 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 task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from a cost viewpoint from an effect point of view on workers it is definitely crucial that it’s done properly and on time so what we suggest 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 harmful effect on individuals’s well-being and numerous other elements if people aren’t paid uh I’ve always been amazed entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a terrific primary step um supplying an end-to-end payroll solution for your staff members internationally once again I believe is another big um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of companies and reducing the number of tools platforms and savings account they need for their Global 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 thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and kind of shot to get back to everyone so moving on appearance why do business pick to primary different savings account there are Papaya Global Jp Morgan companies out there doing precisely this for particular nations and I’ve worked in an organization or numerous services doing exactly that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I think individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you require 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 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 lots of other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering however ultimately individuals are extremely stuck to what they’re familiar
with best um change is a hard thing we all do not like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping numerous savings account but there’s a substantial amount of intricacy opts for establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is substantial however I think the sincere answer is modification um people have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or two there is a lot to keep track of and this method does pose several challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I simply 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 International workers you are worthy of a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Jp Morgan