Over the last five or six years …Papaya Global Version 25… roles on the provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely gloomy and I want I was elsewhere at this moment in time alright so let’s get going 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 companies maintain different
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 tactical possession uh we’ll likewise go over a recap and that needs to leave his time at the really really 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 Global workforces become increasingly more typical and handling them becomes a growing number of complex International organizations are aiming to discover Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment viewpoint lots of organizations preserve separate checking account just for payroll while some have numerous accounts in different nations does it make sense for business to keep different savings account often in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business improve the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to enhance working capital, and find how improving worldwide payroll payments can transform them from a challenging job into a strategic possession.
Handling payroll worldwide is a complicated task due to numerous policies, compliance requirements, information security concerns, and banking rules. The large variety of employees and organizations contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual processes, information silos, and an absence of combination, leading to inconsistencies and ineffectiveness. In spite of residing in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to provide insights and options to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on global payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of international companies have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 customer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like super payments no if however some babies 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to type of move on with that it also also to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing groups work better together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by organizations across the world so again you’re just looking to add more and more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or real tough type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would definitely state that the bigger 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 details into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs in the processes 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 an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense perspective from an impact point of view on workers it is absolutely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental result on people’s well-being and many other aspects if people aren’t paid uh I’ve constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort 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 but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll solution for your workers worldwide again I believe is another big um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and decreasing 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 terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how essential a role 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 everyone that’s involved in those processes and likewise so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and sort of try to get back to everybody so carrying on look why do companies pick to main different checking account there are Papaya Global Version 25 companies out there doing exactly this for specific countries and I have actually operated in a business or many organizations doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I think individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing however eventually individuals are extremely stuck to what they’re familiar
with best um change is a challenging thing we all don’t like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping multiple savings account but there’s a huge quantity of intricacy goes with setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is huge but I believe the honest answer is modification um individuals have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this technique does posture several obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I simply did you switched our Business 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 Global staff members you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Version 25