Over the last five or six years …Papaya Global Gdpr… roles on the service provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really 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 raining here it’s very very dreary and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll likewise 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and handling them becomes increasingly more complicated Worldwide organizations are wanting to find Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment perspective numerous organizations keep different bank account just for payroll while some have several accounts in different countries does it make sense for business to maintain different checking account in some cases in different countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies simplify the episode complex processes of
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for companies running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can transform them from a burdensome task into a strategic asset.
Managing payroll globally is a complicated job due to various regulations, compliance requirements, data security concerns, and banking rules. The large number of employees and services adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and a lack of combination, causing inconsistencies and inadequacies. In spite of living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and state what is it what does not require to be included best and what does
it require 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 amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 absolutely essential and innovation is enabling us to sort of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work better together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to add to sort of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so again you’re just seeking to add increasingly more payments to this already 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 real difficulties or real difficult sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would certainly state that the bigger a service 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 teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any service has from a cost point of view from an impact viewpoint on workers it is absolutely important that it’s done correctly and on time so what we imply 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 result on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been surprised entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great 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 goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a great initial step um providing an end-to-end payroll service for your workers worldwide again I think is another substantial um process again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and checking account they need for their International payroll too couldn’t 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 countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten 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 actually doing that for for the thanks
anyhow we know 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 involved in those procedures and likewise so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting 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 look through them and in fact see what was going on and sort of try to return to everyone so carrying on appearance why do companies choose to main separate bank accounts there are Papaya Global Gdpr companies out there doing precisely this for particular countries and I have actually operated in a company or many businesses doing precisely that I can say it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for any person where we don’t need to and anybody that’s handling 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 believe lots of factors one is it’s the requirement I think individuals have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually 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 think this is a procedure that requires looking at it requires changing however ultimately individuals are extremely stuck to what they recognize
with best um modification is a challenging thing we all do not like modification um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving several savings account however there’s a big quantity of intricacy chooses setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial however I believe the truthful response is modification um individuals have not had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to monitor and this method does posture a number of obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Gdpr