Over the last 5 or 6 years …Papaya Global Nominal Link… functions on the provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly 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 raining here it’s really very bleak and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll also go over a recap and that should leave his time at the extremely 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 Global labor forces become a growing number of common and managing them becomes increasingly more intricate Global companies are looking to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment standpoint many organizations maintain separate checking account just for payroll while some have several accounts in various countries does it make good sense for companies to keep different savings account often in different nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies enhance the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to optimize working capital, and find how streamlining international payroll payments can transform them from a burdensome job into a tactical property.
Handling payroll worldwide is a complicated task due to various policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and businesses adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Despite residing in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to supply insights and options to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on global payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international businesses 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 mistakes are due to time reporting bad HCM information data entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be consisted of ideal 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 country there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you 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 innovation is enabling us to kind of move on with that it also also to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone 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 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 anywhere they are however 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 increasingly more advantages being organ or being used by organizations across the world so again you’re simply looking to add more and more payments to this already intricate landscape so if you type 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 difficulties or real difficult kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would definitely say that the bigger a service 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 actually managing the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost viewpoint from an effect perspective on employees 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 biggest damaging impact on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve always been surprised entering this Market type of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just see when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. For that reason, it is vital to ensure that tasks like Wi-Fi International and other crucial matters are done properly. Using the first Global Payments first payroll payment service is a fantastic preliminary step towards offering a detailed payroll solution for workers worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and savings account necessary for international payroll are key factors in achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we know 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 everybody that’s associated with those processes and likewise so envision sorry I’m just I was just gon na state envision 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 numerous thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of try to return to everyone so proceeding appearance why do companies pick to main separate bank accounts there are Papaya Global Nominal Link organizations out there doing precisely this for specific nations and I have actually operated in a service or many businesses doing exactly that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anyone 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 believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I believe people have actually got so used to we need a new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering however ultimately individuals are extremely stuck with what they’re familiar
with best um change is a difficult thing all of us don’t like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving several bank accounts but there’s a substantial amount of complexity goes with setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is substantial but I think the truthful answer is modification um individuals haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does pose a number of difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I just did you changed our Business 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 employees you deserve a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Nominal Link