Over the last 5 or 6 years …Papaya Global Year End 2022 Checklist… roles on the provider side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody 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 fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone 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 really bleak and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep separate
bank accounts 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 strategic asset uh we’ll likewise go over a recap and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and handling them ends up being more and more complex Worldwide companies are looking to find Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment perspective numerous organizations keep separate savings account just for payroll while some have several accounts in various nations does it make sense for business to maintain different savings account in some cases in various countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international business improve the episode complex procedures of
Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to enhance working capital, and discover how improving international payroll payments can change them from a challenging task into a strategic possession.
Handling payroll globally is a daunting task due to numerous regulations, compliance requirements, information security issues, and banking rules. The sheer variety of workers and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems often lead to manual processes, information silos, and a lack of integration, leading to disparities and inefficiencies. Despite living in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and services to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes improperly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the information is shipped to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the needed numerous procedures 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 organization face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included ideal and what does
it require to be considered 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 abilities 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 client’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like 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 think there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to type of progress with that it likewise too to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work better together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 often 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of crucial to contribute to kind of the level of intricacy there’s more and more benefits being organ or being used by companies across the world so again you’re simply looking to add more and more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine difficulties or real tough type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would absolutely say that the bigger a company 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 groups feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more timely they make them less efficient 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 operating in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any service has from a cost perspective from an impact viewpoint on staff members 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 detrimental result on individuals’s wellness and lots of other aspects if people aren’t paid uh I have actually always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the first Global Payments first payroll payment solution is a great initial step um offering an end-to-end payroll option for your employees worldwide again I think is another substantial um procedure again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of businesses and reducing the number of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 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 believe any of us are really doing that for for the thanks
anyhow we understand how how essential a role 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 simple as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you notes um I mean 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 imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and sort of try to get back to everybody so moving on look why do companies pick to main separate bank accounts there are Papaya Global Year End 2022 Checklist businesses out there doing precisely this for specific countries and I have actually operated in a company or many companies doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we do not have to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I think individuals have got so used to we need a brand-new bank 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 simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires altering however eventually people are extremely stuck to what they’re familiar
with ideal um modification is a hard thing all of us don’t like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping numerous savings account however there’s a huge quantity of complexity opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual people so the intricacy is substantial however I believe the honest response is modification um individuals haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or two there is a lot to monitor and this technique does position several obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Year End 2022 Checklist