Over the last five or six years …Papaya Global Payroll Cnd… roles on the supplier side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll also review a wrap-up which needs to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and handling them becomes increasingly more intricate Worldwide organizations are seeking to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment standpoint lots of companies preserve separate checking account just for payroll while some have several accounts in various countries does it make good sense for business to keep separate savings account often in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies streamline the episode complex procedures of
Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for services running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to optimize working capital, and find how streamlining international payroll payments can change them from a troublesome task into a tactical asset.
Handling payroll internationally is an overwhelming task due to numerous policies, compliance requirements, data security issues, and banking guidelines. The large variety of workers and services adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically result in manual procedures, data silos, and an absence of combination, leading to disparities and ineffectiveness. In spite of living in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to offer insights and services to streamline and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of international businesses have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a great concern I always throw this back and state what is it what doesn’t need to be included right 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 amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like very payments no if however some babies 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 basic and innovation is permitting us to kind of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely important that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more important to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by organizations across the world so again you’re simply seeking to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or real tough type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily 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 simply make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from an expense perspective from an impact viewpoint on workers it is absolutely 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 most significant destructive result on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve constantly been impressed entering into this Market sort of the last five to ten years is how little thanks the
The payroll team might not have 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 important cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally as well. For that reason, it is important to guarantee that jobs like Wi-Fi Global and other vital matters are done correctly. Using the first International Payments first payroll payment service is a fantastic preliminary step towards offering a detailed payroll option for employees worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and bank accounts necessary for worldwide payroll are key factors in attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we know 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 easy as possible for everyone that’s associated with those processes and also so imagine sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to return to everybody so proceeding look why do business choose to main different checking account there are Papaya Global Payroll Cnd organizations out there doing precisely this for particular countries and I’ve worked in an organization or lots of companies doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anyone where we don’t have to and anyone that’s dealing with that process 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 standard I think individuals have actually got so used to we require a brand-new savings account we open an entity and rightly 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 simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires changing but ultimately people are very stuck to what they recognize
with right um change is a difficult thing we all do not like modification um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple savings account but there’s a big amount of complexity goes with establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is substantial however I think the honest response is change um individuals haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century approximately there is a lot to keep track of and this approach does posture several difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Cnd