Over the last five or six years …Papaya Global Payroll Trackid Sp-006… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes 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 extremely extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a wrap-up which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and handling them becomes more and more complex International organizations are wanting to find Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment viewpoint many companies preserve separate checking account just for payroll while some have several accounts in various nations does it make good sense for business to keep different bank accounts sometimes in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex processes of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for businesses running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a difficult job into a strategic possession.
Handling payroll globally is a daunting task due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and companies contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual procedures, information silos, and a lack of integration, causing disparities and ineffectiveness. Despite living in a period of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and solutions to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of global businesses have revealed 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 poor HCM information data entry errors inadequately interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they count on the essential 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 service face when they’re paying to employees or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be included best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to kind of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I’m constantly amazed when individuals state 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 divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being used by services across the world so once again you’re just aiming to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or genuine difficult kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things but you know in in my opinion 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 in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an impact viewpoint on workers it is absolutely critical 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 have to be done right it has the most significant harmful impact on people’s wellness and lots of other elements if people aren’t paid uh I have actually always been astonished coming into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is a great first step um providing an end-to-end payroll option for your employees worldwide once again I think is another huge um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of organizations and minimizing the number 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 regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 easy as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task 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 require days of the week to attempt to look through them and actually see what was going on and sort of shot to return to everybody so carrying on look why do companies choose to primary different checking account there are Papaya Global Payroll Trackid Sp-006 businesses out there doing exactly this for particular countries and I have actually worked in a business or lots of organizations doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and any person 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 believe individuals have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering but ultimately people are extremely stuck with what they’re familiar
with best um modification is a hard thing we all do not like change um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping numerous bank accounts however there’s a big quantity of complexity opts for setting up a savings account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is substantial but I believe the sincere answer is modification um individuals haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or two there is a lot to track and this technique does present a number of challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Payroll Trackid Sp-006