Over the last 5 or 6 years …Papaya Global Payroll Low Cost… roles on the provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing 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 comes from and I really do hope it’s much sunnier than it is 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 extremely dreary and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll likewise go over a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and managing them becomes more and more complicated Worldwide companies are aiming to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment perspective many companies preserve different bank account just for payroll while some have several accounts in various countries does it make sense for companies to keep different savings account often in different nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies enhance the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for services running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and discover how enhancing global payroll payments can transform them from a burdensome task into a strategic asset.
Managing payroll globally is an overwhelming job due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The sheer variety of workers and companies adds to the complexity, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often result in manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inadequacies. Regardless of residing in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and options to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in international payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have actually revealed that they do not 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 bad HCM information information entry mistakes poorly 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 shipped to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what doesn’t need to be included right and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and innovation is allowing us to type of move on with that it likewise as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work better together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more essential to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by companies throughout the world so again you’re just seeking to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine tough kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate 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 an age that you know that we are working in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an effect perspective on staff members it is definitely crucial 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 have to be done right it has the greatest destructive impact on individuals’s well-being and many other aspects if people aren’t paid uh I’ve constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment service is an excellent primary step um offering an end-to-end payroll solution for your workers worldwide once again I believe is another big um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of companies and minimizing the number of tools platforms and bank accounts they require 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 have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how important 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 associated with those procedures and also so imagine sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and kind of shot to return to everyone so moving on appearance why do business pick to main separate checking account there are Papaya Global Payroll Low Cost companies out there doing exactly this for particular countries and I’ve worked in an organization or lots of businesses doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I believe people have actually got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires altering but ultimately people are extremely stuck to what they recognize
with ideal um change is a difficult thing all of us don’t like change um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving numerous bank accounts however there’s a big amount of complexity goes with establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is big but I think the truthful response is change um people haven’t been able to change or have not had always the understanding to truly make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to monitor and this approach does present numerous difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just did you changed our Enterprise 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 employees you should have a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Low Cost