Over the last 5 or six years …Papaya Global Help Change Year To Date… roles on the company side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately 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 currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually 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 really really bleak and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also review a recap and that should leave his time at the extremely very 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 Global labor forces end up being more and more typical and handling them becomes a growing number of complicated International companies are looking to discover Solutions and new methods to streamline processes especially from a payroll and cross-border payment viewpoint lots of organizations preserve different savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep different savings account often in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business enhance the episode complex processes of
Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to enhance working capital, and find how enhancing international payroll payments can transform them from a challenging job into a tactical possession.
Handling payroll worldwide is an overwhelming job due to numerous policies, compliance requirements, information security issues, and banking rules. The sheer number of workers and businesses adds to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual processes, information silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Despite living in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and services to simplify 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 businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of a picture they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide services have actually 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 poor HCM data data entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the information is shipped to the incorrect place the average expense of a worldwide data 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 rely on the required several procedures 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 challenges service face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t require to be included best and what does
it need 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 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 wherever you look ideal eventually constructing a knowledge base is definitely important 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 kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to kind of move on with that it likewise also to add to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying individuals any place 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 important to add to type of the level of complexity there’s increasingly more benefits being organ or being provided by organizations throughout the world so again you’re simply seeking to include more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or genuine difficult sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single most significant liability that any service has from a cost viewpoint from an effect point of view on employees it is absolutely critical that it’s done correctly 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 damaging effect on individuals’s wellness and many other elements if people aren’t paid uh I have actually always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally also. Therefore, it is essential to make sure that tasks like Wi-Fi Global and other vital matters are done correctly. Utilizing the very first Global Payments first payroll payment service is a great preliminary step towards offering an extensive payroll solution for staff members worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and savings account required for international payroll are essential factors in attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we understand how how essential 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 associated with those processes and likewise so imagine sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of try to get back to everyone so proceeding look why do companies choose to primary separate savings account there are Papaya Global Help Change Year To Date services out there doing exactly this for particular countries and I’ve worked in a business or numerous businesses doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing additional work for anybody where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes 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 individuals have adopted and continue to do over years and years passed by to add 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 think there’s a range I think this is a process that requires looking at it needs altering but eventually individuals are extremely stuck to what they’re familiar
with right um change is a tough thing all of us do not like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving several checking account but there’s a substantial amount of intricacy goes with setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is substantial but I believe the sincere response is change um people haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but 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 moving on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I just 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 Global staff members you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Help Change Year To Date