Over the last five or six years …Nominal Link Settings Papaya Global… roles on the supplier side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give 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 intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody 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 very very gloomy and I want I was somewhere else 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 difficulty years of managing Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll likewise go over a recap which should leave his time at the very really 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 Worldwide labor forces end up being increasingly more common and managing them ends up being increasingly more complicated Global companies are seeking to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment perspective lots of companies preserve different savings account just for payroll while some have several accounts in various nations does it make good sense for business to preserve separate savings account often in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies improve the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to enhance working capital, and find how improving global payroll payments can transform them from a burdensome job into a strategic asset.
Managing payroll internationally is a daunting task due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and organizations contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, data silos, and a lack of integration, leading to inconsistencies and inefficiencies. Regardless of living in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to supply insights and solutions to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide services have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is shipped to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count on the required several 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 organization face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and say what is it what does not need to be consisted of best and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is absolutely vital however everywhere 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 sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to kind of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you walk 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 often 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by businesses throughout the world so again you’re simply aiming to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine difficult kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run 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 age 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 agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an impact point of view on staff members it is absolutely crucial 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 destructive effect on individuals’s wellness and numerous other elements if people aren’t paid uh I’ve constantly been amazed entering this Market kind of the last five to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just observe when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally as well. Therefore, it is important to make sure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Using the very first Global Payments very first payroll payment option is an excellent preliminary step towards providing a thorough payroll option for staff members worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and savings account necessary for global payroll are key consider achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyway we know how how important 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 easy as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and kind of shot to return to everyone so carrying on appearance why do companies select to main separate bank accounts there are Nominal Link Settings Papaya Global organizations out there doing precisely this for specific countries and I have actually operated in a business or numerous businesses doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we don’t have to and anyone that’s managing 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 amount that we are I think numerous reasons one is it’s the requirement I think people have actually got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires changing however ultimately people are extremely stuck with what they recognize
with ideal um change is a challenging thing all of us do not like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having maintaining several bank accounts but there’s a big quantity of complexity goes with establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big but I think the honest response is change um individuals have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to track and this approach does pose numerous challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just recently made a modification to our Business 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 actually gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Nominal Link Settings Papaya Global