Over the last five or six years …Why Won\’t My Papaya Global Payroll Update… functions on the service provider side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather 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 comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very uninspiring and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also go over a wrap-up and that needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more typical and managing them ends up being more and more intricate Worldwide organizations are wanting to discover Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment viewpoint lots of companies maintain different savings account just for payroll while some have several accounts in different countries does it make good sense for companies to preserve different savings account in some cases in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business improve the episode complex processes of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to optimize working capital, and find how streamlining international payroll payments can change them from a challenging task into a tactical asset.
Managing payroll globally is a complicated task due to various policies, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and services contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently lead to manual processes, data silos, and an absence of combination, causing disparities and inefficiencies. Regardless of living in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and options to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on global payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors inadequately communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely 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 obstacles business face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what does not need to be included right and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 technology is enabling us to kind of move on with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being offered by services throughout the world so once again you’re just looking to add increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or real challenging kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of decades I would certainly 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 really managing the payment side of things however 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 operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost point of view from an effect viewpoint on workers it is absolutely vital 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 need to be done right it has the greatest destructive effect on people’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has been told 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 staff members or not um however eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll service for your employees internationally once again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of organizations and lowering the variety of tools platforms and checking account they need for their Global 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 have actually never had a hundred thousand of them within a payroll cycle do not expect 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 implied to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how important 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 easy as possible for everyone that’s involved in those procedures and also so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of shot to get back to everybody so proceeding look why do companies choose to primary different bank accounts there are Why Won\’t My Papaya Global Payroll Update businesses out there doing exactly this for specific countries and I have actually operated in a business or lots of organizations doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and any person 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 quantity that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions 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 passed by to contribute to that people have taken a look 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 think this is a procedure that requires taking a look at it needs altering however eventually individuals are very stuck to what they’re familiar
with right um change is a challenging 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 great deal of track of stuff um I comprehend certainly the advantages of having keeping numerous savings account but there’s a substantial amount of intricacy opts for establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is huge however I believe the truthful response is modification um people haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does present numerous challenges um so Johnny might you tell 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Why Won\’t My Papaya Global Payroll Update