Over the last five or 6 years …Papaya Global Fax… functions on the provider side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everybody another couple of uh well among 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 interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly 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 want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll also go over a wrap-up and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more typical and handling them ends up being more and more complicated Global companies are aiming to find Solutions and brand-new methods to streamline procedures particularly from a payroll and cross-border payment standpoint numerous organizations keep different checking account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain different bank accounts sometimes in different nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies streamline the episode complex processes of
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to enhance working capital, and discover how enhancing worldwide payroll payments can transform them from a troublesome job into a strategic asset.
Managing payroll internationally is a daunting job due to different policies, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and companies contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and a lack of combination, leading to inconsistencies and inefficiencies. Regardless of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of global services 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 mistakes are because of time reporting poor HCM data data entry errors improperly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the data is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be included right and what does
it need to be thought of 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 client’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to kind of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information 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 well-being being more and more essential to add to kind of the level of intricacy there’s increasingly more advantages being organ or being used by businesses across the world so again you’re simply seeking to add more and more payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or genuine challenging sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from an expense point of view from an impact viewpoint on workers it is absolutely critical 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 need to be done right it has the greatest detrimental effect on people’s wellness and lots of other elements if people aren’t paid uh I have actually always been surprised entering this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll option for your employees internationally again I think is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of services and lowering the variety of tools platforms and savings account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyway we understand 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 everybody that’s involved in those procedures and also so imagine sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of try to return to everybody so proceeding look why do business select to primary separate checking account there are Papaya Global Fax companies out there doing exactly this for particular nations and I have actually worked in a service or lots of businesses doing precisely that I can say it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for any person where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think 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 think people have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs changing but eventually people are extremely stuck with what they recognize
with right um modification is a difficult thing all of us do not like change um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping multiple checking account but there’s a huge quantity of complexity opts for establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big however I believe the honest response is change um individuals haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep track of and this approach does posture numerous challenges um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I simply did you changed 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 Worldwide workers you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Fax