Over the last five or six years …Papaya Global Payroll Software Programs… roles on the 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 alright thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really gloomy and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll likewise go over a recap and that must 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 Worldwide workforces become more and more common and handling them ends up being increasingly more complicated International organizations are aiming to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment perspective lots of organizations preserve separate bank account just for payroll while some have numerous accounts in different nations does it make sense for business to maintain separate savings account often in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies simplify the episode complex processes of
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to optimize working capital, and discover how streamlining global payroll payments can change them from a difficult job into a strategic property.
Handling payroll worldwide is a complicated task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large variety of workers and companies contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently result in manual processes, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Regardless of residing in an age of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and solutions to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service spends on worldwide payroll the less of an image they see a lack of presence also encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of global companies have 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 information entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they rely on the essential numerous 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 obstacles business face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need to be consisted of right and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 consumer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to sort of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work closer together than ever um I’m always amazed when individuals state I have actually 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 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations across the world so again you’re simply looking to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real obstacles or genuine tough sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments functions 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 does not necessarily require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single biggest liability that any service has from an expense viewpoint from an effect perspective on employees it is absolutely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive result on people’s well-being and many other elements if people aren’t paid uh I have actually always been astonished entering into this Market kind of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only see when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally too. For that reason, it is necessary to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the very first Global Payments very first payroll payment option is a great initial step towards offering a thorough payroll solution for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and checking account needed for global payroll are crucial factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how crucial a role 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 easy as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision 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 absolutely be an interesting task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out 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 different savings account there are Papaya Global Payroll Software Programs companies out there doing exactly this for specific nations and I have actually operated in a service or lots of organizations doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I think people have actually got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions however 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 looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing however ultimately individuals are really stuck with what they’re familiar
with best um change is a tough thing we all do not like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having keeping numerous checking account however there’s a substantial amount of complexity opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is huge but I believe the sincere answer is modification um people have not 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 believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century or two there is a lot to track and this approach does position numerous obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you switched 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 employees you should have a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Software Programs