Over the last five or 6 years …Papaya Global Year End 2018… functions on the company side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is 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 very extremely bleak and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll also discuss a recap which should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and managing them becomes increasingly more complicated Global organizations are wanting to find Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment viewpoint lots of organizations keep separate savings account just for payroll while some have several accounts in various countries does it make sense for business to maintain different checking account in some cases in various nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex challenge for companies running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to enhance working capital, and find how streamlining global payroll payments can transform them from a challenging job into a tactical property.
Managing payroll globally is a daunting task due to different policies, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and organizations contributes to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often result in manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. Regardless of residing in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to offer insights and solutions to streamline and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in global payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of global organizations have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company 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 does not require to be consisted of best and what does
it require to be thought of there’s varying 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 abilities 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 consumer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble very payments no if but some children 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 fundamental and technology is allowing us to kind of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being provided by companies across the world so once again you’re simply wanting to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or real challenging kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense viewpoint from an impact point of view on employees it is definitely important 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 harmful effect on people’s wellness and lots of other aspects if individuals aren’t paid uh I have actually always been astonished entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has actually 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 staff members or not um however eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll solution for your workers worldwide again I believe is another substantial um process again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of businesses and decreasing the number of tools platforms and savings account they require for their International payroll too could not 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 do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how important a function 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 easy as possible for everybody that’s involved in those processes and likewise so envision sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of shot to get back to everyone so carrying on appearance why do companies select to main different checking account there are Papaya Global Year End 2018 companies out there doing exactly this for specific countries and I have actually operated in a business or many organizations doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and anyone that’s dealing with 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 amount that we are I believe lots of reasons one is it’s the standard I believe individuals have got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it needs altering however ultimately people are very stuck to what they’re familiar
with best um modification is a tough thing we all do not like modification um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving several savings account however there’s a huge quantity of complexity opts for setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is huge however I think the honest answer is modification um individuals haven’t been able to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or two there is a lot to track and this approach does position several obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a variety 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 International employees you deserve 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 Year End 2018