Over the last 5 or six years …Papaya Global Cloud Download… functions on the service provider side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately 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 simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I want I was elsewhere 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 International payroll why business maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll also go over a wrap-up which needs to leave his time at the extremely extremely 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 a growing number of common and managing them becomes more and more intricate Worldwide companies are wanting to discover Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment viewpoint many organizations maintain different checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to keep separate checking account sometimes in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a difficult job into a tactical asset.
Handling payroll globally is a challenging job due to different guidelines, compliance requirements, information security issues, and banking rules. The sheer number of staff members and services contributes to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual processes, data silos, and a lack of combination, leading to disparities and ineffectiveness. Regardless of living in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to supply insights and services to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on international payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of international services have 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 because of time reporting bad HCM data information entry errors badly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not require 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 time frames there’s payment capabilities 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 client’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble incredibly payments no if however some children 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 recognition that payroll payments are definitely fundamental and innovation is allowing us to type of progress with that it also too to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not 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 typically 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 wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to type of the level of complexity there’s increasingly more advantages being organ or being offered by companies throughout the world so again you’re just wanting to add increasingly more payments to this already complex landscape so if you type 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 genuine obstacles or genuine challenging sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from a cost viewpoint from an impact point of view on employees 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 have to be done right it has the most significant harmful impact on individuals’s wellness and many other elements if individuals 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
payroll team get um so I’m uncertain anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is a great first step um supplying an end-to-end payroll service for your employees worldwide again I think is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of organizations and reducing 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how crucial a function it is which’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 everybody that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture 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 intriguing job 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 was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of shot to get back to everybody so proceeding look why do business pick to main different bank accounts there are Papaya Global Cloud Download businesses out there doing exactly this for specific nations and I have actually worked in an organization or numerous companies doing exactly that I can say it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we don’t need to and any person that’s handling that process 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 believe numerous factors one is it’s the standard I think people have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs changing however ultimately people are extremely stuck with what they recognize
with ideal um modification is a difficult thing we all don’t like change um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining numerous savings account however there’s a huge quantity of intricacy goes with setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is big however I think the sincere response is modification um individuals have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or so there is a lot to track and this method does pose several challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide 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. Papaya Global Cloud Download