Over the last 5 or 6 years …Papaya Global Hourly Rate Report… functions on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really gloomy and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll likewise discuss a recap and that should leave his time at the very very 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 Worldwide labor forces end up being a growing number of typical and handling them becomes increasingly more complex Global companies are looking to discover Solutions and new methods to enhance processes particularly from a payroll and cross-border payment standpoint many organizations maintain different checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain different savings account often in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business streamline the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to enhance working capital, and discover how improving international payroll payments can transform them from a difficult task into a strategic property.
Handling payroll globally is a complicated job due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and companies contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and a lack of integration, causing inconsistencies and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to supply insights and solutions to streamline and optimize global 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 provides me sleepless nights and quite honestly the more an organization spends on global payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of global companies have actually 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 due to time reporting bad HCM data data entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they rely on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be included best and what does
it need to be thought about there’s varying 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 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 anywhere you look best eventually building a knowledge base is definitely vital however all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to kind of move forward with that it also too to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and finance groups work better together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being used by services across the world so again you’re simply seeking to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we operate 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 era of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any business has from a cost point of view from an impact perspective on workers it is definitely vital that it’s done properly 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 destructive impact on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has 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 workers or not um but ultimately payroll is such an essential cycle we all hear 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 exercise and I believe 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 things is definitely essential that all of this things is done correctly so leveraging the first International Payments first payroll payment solution is an excellent initial step um offering an end-to-end payroll service for your employees worldwide again I believe is another huge um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of companies and reducing the number of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not believe any of us are in fact 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 everybody that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of shot to return to everyone so moving on look why do business pick to main separate savings account there are Papaya Global Hourly Rate Report businesses out there doing exactly this for particular countries and I have actually operated in a business or lots of companies doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we do not have to and any person 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 think lots of reasons one is it’s the standard I think people have got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced 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 ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires changing however ultimately people are very stuck with what they’re familiar
with right um change is a hard thing we all don’t like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having keeping numerous savings account but there’s a substantial amount of intricacy opts for establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is huge but I think the sincere answer is change um people have not been able to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep an eye on and this technique does position a number of difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Hourly Rate Report