Over the last five or six years …Contact For Papaya Global… roles on the company side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll also review a recap which should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and managing them becomes a growing number of intricate Global companies are looking to discover Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment perspective many organizations maintain separate savings account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve separate bank accounts in some cases in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies improve the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to enhance working capital, and discover how enhancing global payroll payments can change them from a troublesome job into a strategic property.
Handling payroll internationally is an overwhelming task due to different regulations, compliance requirements, data security issues, and banking rules. The sheer variety of employees and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and a lack of combination, causing disparities and ineffectiveness. Regardless of residing in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide organizations have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors badly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the data is delivered to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be considered there’s varying 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 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 customer’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely 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 Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m always surprised when individuals state I’ve split 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 calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to add to type of the level of complexity there’s a growing number of advantages being organ or being offered by companies throughout the world so again you’re just seeking to add more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or real tough sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years 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 actually handling the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they don’t 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 that we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any service has from an expense perspective from an impact perspective on workers it is absolutely crucial that it’s done properly 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 most significant damaging effect on people’s well-being and many other elements if people aren’t paid uh I have actually always been impressed entering into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll correctly 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 essential cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is an excellent first step um providing an end-to-end payroll service for your employees globally once again I think is another big um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of services and lowering the variety of tools platforms and checking account they need for their Global payroll too could not 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 expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway 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 easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m just I was just gon na state envision the quantity 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 think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing 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 browse them and really see what was going on and type of shot to get back to everybody so moving on appearance why do companies pick to main separate checking account there are Contact For Papaya Global businesses out there doing precisely this for particular nations and I’ve operated in a company or lots of services doing precisely that I can say it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard I believe individuals have got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering however eventually individuals are extremely stuck with 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 advantages of having maintaining several savings account however there’s a substantial amount of intricacy goes with establishing a checking account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is big however I believe the sincere response is change um people have not been able to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does posture several difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you changed 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 Global employees you should have a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Contact For Papaya Global