Over the last 5 or 6 years …Papaya Global Year End 2023 Checklist… roles on the provider side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort 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 drizzling here it’s really extremely uninspiring and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up which should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more typical and managing them ends up being more and more complicated Worldwide organizations are seeking to discover Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment standpoint lots of companies keep different checking account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain different savings account often in different nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies streamline the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and discover how streamlining global payroll payments can transform them from a burdensome job into a strategic property.
Handling payroll globally is a complicated task due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and services adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and a lack of integration, causing inconsistencies and inadequacies. In spite of residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and services to simplify and optimize 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 information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of international businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors badly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be included best and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to kind of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I’m always surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations throughout the world so once again you’re simply seeking to include increasingly more payments to this already complex landscape so if you sort 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 real challenges or genuine tough kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however 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 require to produce additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from a cost perspective from an impact viewpoint on workers it is absolutely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally also. Therefore, it is vital to ensure that tasks like Wi-Fi Worldwide and other important matters are done properly. Using the very first Worldwide Payments very first payroll payment option is a terrific preliminary step towards providing an extensive payroll service for workers worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and savings account needed for international payroll are crucial consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyhow we understand how how crucial 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 everyone that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh definitely I can’t envision 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 really see what was going on and kind of shot to return to everyone so proceeding look why do business choose to main different checking account there are Papaya Global Year End 2023 Checklist companies out there doing precisely this for specific countries and I have actually worked in a company or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and any person that’s handling that procedure 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 believe many factors one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing however ultimately people are very stuck with what they’re familiar
with best um modification is a hard thing we all do not like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving multiple checking account however there’s a substantial amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the complexity is huge but I believe the sincere answer is modification um individuals have not had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to keep an eye on and this approach does position a number of difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Year End 2023 Checklist