Over the last five or 6 years …Papaya Global Reports List… roles on the provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes 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 very really bleak and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also review a wrap-up which ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and handling them ends up being more and more complicated Worldwide organizations are looking to discover Solutions and new methods to simplify processes particularly from a payroll and cross-border payment perspective lots of companies maintain separate savings account just for payroll while some have numerous accounts in different countries does it make sense for companies to preserve separate savings account sometimes in various nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to enhance working capital, and find how enhancing international payroll payments can change them from a challenging job into a strategic property.
Managing payroll internationally is a daunting task due to different policies, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and organizations adds to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and a lack of integration, leading to disparities and ineffectiveness. Regardless of living 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, often utilizing pen and paper. This webinar goals to offer insights and services to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in global payroll the less of a picture they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of international businesses have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly interacted 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 wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they rely on the needed multiple 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 challenges company face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be included ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 wherever you look ideal ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they are like super payments no if however 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 enabling us to kind of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals state I’ve split 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 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 information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to add to kind of the level of complexity there’s increasingly more advantages being organ or being provided by companies throughout the world so once again you’re simply looking to add a growing number of payments to this already complicated 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 real difficulties or real difficult type of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you understand 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 produce extra handoffs at the same times that we operate in they just 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 a period that you know that we are working in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any company has from a cost perspective from an effect perspective on employees it is absolutely crucial that it’s done correctly and on time so what we indicate 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 effect on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been astonished entering this Market sort of the last five to 10 years is how little thanks the
The payroll group may not have actually 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 just discover when things go wrong. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally as well. For that reason, it is vital to ensure that tasks like Wi-Fi International and other important matters are done properly. Using the very first Global Payments very first payroll payment option is a great preliminary step towards supplying a thorough payroll solution for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and checking account required for global payroll are crucial factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Ultimately, we don’t do it for the thankfulness.
anyhow we know 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 simple as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine 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 however it would absolutely be an intriguing task trying to clean up 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 try to browse them and actually see what was going on and sort of shot to return to everybody so carrying on look why do business choose to main separate bank accounts there are Papaya Global Reports List businesses out there doing precisely this for particular nations and I have actually worked in a company or numerous companies doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we do not have to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I think people have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering but ultimately individuals are very stuck with what they recognize
with ideal um change is a difficult thing all of us don’t like change um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having preserving several savings account but there’s a substantial quantity of intricacy chooses establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is substantial however I believe the truthful answer is modification um people haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or so there is a lot to monitor and this technique does position several challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I just did you switched 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 Global employees you should have a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Reports List