Over the last five or six years …Papaya Global Report Designer… functions on the supplier side and also on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another number of uh well one of 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 already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 very uninspiring and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also review a recap which must leave his time at the very 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 International labor forces become increasingly more common and managing them becomes more and more complex Global companies are wanting to discover Solutions and new ways to enhance processes especially from a payroll and cross-border payment standpoint lots of companies keep different savings account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve different bank accounts often in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business streamline the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for companies running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to enhance working capital, and discover how improving global payroll payments can transform them from a challenging job into a strategic property.
Managing payroll globally is a daunting task due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer number of employees and organizations contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual procedures, data silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. Despite living in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and solutions to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide services have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors poorly communicated hires and terminations along with lack management and system setups and then when you round it all off and the data is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be included best and what does
it need to be thought about there’s varying Bank details 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble super payments no if but some infants 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to type of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to add to type of the level of intricacy there’s a growing number of advantages being organ or being provided by services throughout the world so once again you’re simply wanting to include more and more payments to this currently complicated landscape so if you sort 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 real challenging sort of pay utilizes 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 business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job 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 viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason why 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 organization has from an expense viewpoint from an effect perspective on workers it is absolutely vital that it’s done properly 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 greatest damaging impact on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been amazed entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it fails 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 also like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is a terrific initial step um offering an end-to-end payroll service for your workers internationally once again I believe is another substantial um process once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of services and minimizing the variety 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 regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how important 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 involved in those processes and also so imagine sorry I’m just I was simply gon na state picture 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 discussing numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t picture 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 everybody so proceeding look why do companies select to primary separate bank accounts there are Papaya Global Report Designer companies out there doing precisely this for particular countries and I’ve worked in a company or lots of organizations doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and anyone that’s handling 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 many factors one is it’s the standard I believe people have actually got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years gone past to add to that people have looked 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 procedure that needs taking a look at it requires altering however eventually people are really stuck with what they’re familiar
with right um modification is a difficult thing we all do not like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving multiple savings account but there’s a huge amount of complexity chooses establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is substantial however I think the honest answer is change um people haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep track of and this technique does present several obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Report Designer