Over the last five or 6 years …Papaya Global Student Loan Deductions… functions on the service provider side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly 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 very uninspiring and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll also go over a recap and that must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and managing them ends up being a growing number of complex International companies are looking to discover Solutions and new methods to improve procedures particularly from a payroll and cross-border payment viewpoint many companies keep different checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to maintain separate savings account often in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies enhance the episode complex processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to optimize working capital, and discover how simplifying international payroll payments can change them from a difficult task into a strategic possession.
Handling payroll globally is a challenging task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large variety of employees and businesses adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and an absence of combination, leading to disparities and inefficiencies. In spite of living in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and options to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization invests in global payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide services have expressed 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 bad HCM data data entry errors badly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it need to be thought about 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 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 customer’s own in-country account so there’s intricacy wherever you look ideal ultimately developing a knowledge base is definitely critical but 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 look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to type of progress with that it also as well to add to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely important that payroll and finance teams work better together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to add to type of the level of intricacy there’s a growing number of advantages being organ or being offered by businesses across the world so once again you’re simply aiming to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine tough type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years I would definitely state that the bigger 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 teams feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from an expense point of view from an impact viewpoint 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 need to be done right it has the greatest damaging effect on individuals’s wellness and many other aspects if people aren’t paid uh I’ve always been surprised entering this Market type of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s perceived externally also. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other essential matters are done properly. Using the very first Global Payments very first payroll payment solution is a great preliminary action towards providing a comprehensive payroll option for employees worldwide. Standardization, international processes, and reducing the number of tools, platforms, and checking account needed for international payroll are crucial consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we understand how how important a function 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 everybody that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and sort of shot to get back to everyone so moving on appearance why do business select to primary separate bank accounts there are Papaya Global Student Loan Deductions businesses out there doing exactly this for particular nations and I’ve operated in an organization or numerous businesses doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s handling 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 numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires changing however eventually people are extremely stuck with what they’re familiar
with best um change is a challenging thing all of us do not like modification um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining multiple checking account however there’s a big amount of intricacy goes with establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is huge but I think the honest response is change um individuals have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to monitor and this approach does present a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply 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 Worldwide employees you are worthy of a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Student Loan Deductions