Over the last five or 6 years …Papaya Global Payroll Deductions… functions on the service provider side and likewise on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite 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 everybody originates from and I truly 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 really gloomy and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll likewise review a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and managing them becomes more and more complex International companies are wanting to discover Solutions and new ways to simplify processes specifically from a payroll and cross-border payment standpoint lots of organizations preserve separate savings account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve different bank accounts often in various countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business simplify the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to enhance working capital, and find how improving worldwide payroll payments can change them from a difficult task into a tactical asset.
Managing payroll globally is an overwhelming task due to various regulations, compliance requirements, data security issues, and banking rules. The sheer variety of workers and services contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and an absence of combination, leading to inconsistencies and inefficiencies. In spite of residing in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and services to simplify and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a business spends on international payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of global services have revealed that they do not 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 data information entry mistakes poorly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the information is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the essential numerous 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 obstacles company face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be included best and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 intricacy anywhere you look ideal eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 permitting us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work closer together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 procedure 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 third parties so with the
world we live in and well-being being more and more important to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations across the world so again you’re simply looking to add increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or genuine tough type of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost perspective from an impact point of view on workers it is definitely important that it’s done properly and on time so what we indicate 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 individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been astonished entering this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just observe when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally as well. For that reason, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Using the first Worldwide Payments first payroll payment solution is a fantastic preliminary action towards providing an extensive payroll solution for staff members worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and bank accounts needed for international payroll are essential consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know 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 everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na state 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 speaking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean 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 need days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everybody so moving on look why do business select to main different savings account there are Papaya Global Payroll Deductions businesses out there doing exactly this for particular countries and I’ve operated in an organization or lots of businesses doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s managing 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 numerous reasons one is it’s the requirement I believe individuals have actually got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing however ultimately people are extremely stuck with what they’re familiar
with ideal um modification is a tough thing we all do not like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping numerous bank accounts however there’s a substantial amount of intricacy chooses setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is big however I think the honest answer is change um individuals have not had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or so there is a lot to monitor and this approach does position a number of obstacles um so Johnny could you tell us about those challenges yeah naturally 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Deductions