Over the last 5 or 6 years …Papaya Global Payroll Hourly… functions on the provider side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very bleak and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a wrap-up and that should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of common and handling them becomes more and more complex Global organizations are wanting to find Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment viewpoint many organizations maintain different bank account just for payroll while some have several accounts in various nations does it make sense for companies to maintain separate savings account in some cases in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business improve the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for services running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to enhance working capital, and discover how enhancing international payroll payments can transform them from a difficult job into a strategic asset.
Managing payroll internationally is a difficult job due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The large number of staff members and companies contributes to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and an absence of integration, leading to disparities and inadequacies. Despite residing in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and services to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in global payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international services have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the average cost of a global data 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 do not run smoothly if they depend on the required multiple processes 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 business face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be consisted of right and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is definitely critical but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 enabling us to sort of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely crucial that payroll and finance groups work closer together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to add to type of the level of complexity there’s a growing number of advantages being organ or being provided by services across the world so once again you’re simply seeking to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or real challenging type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely state 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 task there are groups 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 necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from a cost point of view from an impact point of view on employees it is absolutely 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 biggest harmful impact on people’s well-being and many other factors if people aren’t paid uh I’ve always been impressed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe 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 absolutely vital that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll solution for your employees globally once again I think is another substantial um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of businesses and reducing the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 involved in those processes and also so envision sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and type of try to return to everybody so moving on appearance why do business pick to primary separate bank accounts there are Papaya Global Payroll Hourly services out there doing precisely this for specific countries and I’ve operated in a company or numerous services doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anybody where we don’t have to and any person that’s handling 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 checking 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 simply been the requirement and the norm the people have embraced and continue to do over years and years passed by 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 think there’s a range I believe this is a process that requires taking a look at it needs altering however eventually people are really stuck with what they recognize
with right um modification is a challenging thing we all do not like modification um so I believe it’s simply sort 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 obviously the advantages of having keeping multiple checking account but there’s a huge quantity of intricacy chooses setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is huge but I think the honest answer is modification um individuals have not had the ability to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to track and this method does pose a number of challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I just did you switched our Enterprise 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 Worldwide staff members you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Hourly