Over the last five or six years …Open Papaya Global Backup Without Sage… roles on the supplier side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really 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 drizzling here it’s very really gloomy and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll also discuss a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and handling them ends up being more and more complex Global organizations are aiming to discover Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment viewpoint lots of organizations keep different savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep separate checking account in some cases in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies simplify the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to enhance working capital, and discover how simplifying global payroll payments can transform them from a challenging job into a tactical property.
Handling payroll globally is an overwhelming task due to various policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and companies contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. Despite residing in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to supply insights and options to streamline 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 services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business spends on global payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global companies have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors improperly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the information is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they depend on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t require to be included right and what does
it require to be thought about 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 have to pay from an in-country account do you have 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 but everywhere you look with payroll payment they resemble extremely payments no if but some infants 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 believe 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 too to contribute to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely important that payroll and finance teams work better together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone 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 an industry accept that why our payroll and payments so often 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 people any place 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 add to kind of the level of intricacy there’s a growing number of benefits being organ or being used by organizations throughout the world so once again you’re simply wanting to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or real challenging type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things but you understand 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 create additional 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 know that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an impact perspective on employees it is definitely critical that it’s done properly and on time so what we mean 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 harmful impact on people’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been astonished 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 anyone 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 employees or not um however eventually payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a fantastic primary step um supplying an end-to-end payroll solution for your staff members internationally again I think is another huge um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of businesses and decreasing the variety of tools platforms and savings account they need for their Worldwide 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 do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand 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 associated with those procedures and likewise so imagine sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly 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 need days of the week to attempt to look through them and really see what was going on and type of shot to get back to everybody so proceeding look why do business select to main separate bank accounts there are Open Papaya Global Backup Without Sage companies out there doing precisely this for specific countries and I’ve worked in a business or lots of companies doing exactly that I can state it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas 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 used to we require 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 simply been the requirement and the norm the people have adopted 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 believe there’s a variety I believe this is a procedure that requires looking at it requires changing but ultimately people are very stuck with what they’re familiar
with ideal um modification is a challenging thing all of us do not like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining several checking account but there’s a substantial amount of intricacy goes with setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is huge however I believe the sincere response is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component 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 carrying on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to monitor and this technique does position a number of obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
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