Over the last 5 or 6 years …Papaya Global Attachment Of Earnings… roles on the supplier side and likewise on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating 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 definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely dreary and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a wrap-up which must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and handling them becomes a growing number of complex Worldwide companies are looking to discover Solutions and new methods to enhance procedures especially from a payroll and cross-border payment perspective many companies keep different bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve separate checking account sometimes in different countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies streamline the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to enhance working capital, and discover how enhancing international payroll payments can change them from a difficult task into a strategic possession.
Handling payroll globally is a difficult task due to different regulations, compliance requirements, data security concerns, and banking rules. The large number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual procedures, data silos, and a lack of integration, causing disparities and inadequacies. Despite residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to supply insights and options to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of global businesses have expressed 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 because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations along with absence management and system setups and after that when you round it all off and the data is delivered to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what does not require to be consisted of right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to kind of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely essential that payroll and finance groups work closer together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 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 individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being used by companies throughout the world so once again you’re just aiming to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or real difficult sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams 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 however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from an expense point of view from an effect viewpoint on staff members it is absolutely important 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 have to be done right it has the most significant harmful result on individuals’s wellness and lots of other aspects if people aren’t paid uh I’ve constantly been impressed entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has actually 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 workers or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise 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 things is absolutely essential that all of this things is done properly so leveraging the first International Payments first payroll payment option is an excellent primary step um offering an end-to-end payroll option for your staff members internationally once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and savings account they need for their International 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 have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 imagine sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t picture 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 in fact see what was going on and type of try to get back to everyone so moving on look why do companies choose to main separate checking account there are Papaya Global Attachment Of Earnings companies out there doing exactly this for specific countries and I have actually operated in a business or many services doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t 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 believe lots of factors one is it’s the requirement I think individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering however ultimately people are really stuck with what they recognize
with best um change is a challenging thing all of us don’t like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving multiple checking account however there’s a big quantity of intricacy opts for setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is substantial however I think the honest response is change um individuals haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to keep track of and this method does present numerous difficulties um so Johnny might you inform us about those difficulties yeah obviously 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Attachment Of Earnings