Over the last 5 or six years …Papaya Globals Indomaret… functions on the provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type 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 extremely very bleak and I wish I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll also discuss a wrap-up which ought to leave his time at the very very 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 labor forces become a growing number of typical and handling them becomes a growing number of complicated Worldwide companies are aiming to discover Solutions and new methods to improve procedures especially from a payroll and cross-border payment viewpoint many organizations preserve separate bank account just for payroll while some have multiple accounts in different countries does it make sense for business to keep separate bank accounts in some cases in various countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex processes of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to optimize working capital, and find how enhancing global payroll payments can transform them from a burdensome job into a tactical property.
Handling payroll worldwide is a difficult task due to various guidelines, compliance requirements, data security issues, and banking rules. The large variety of employees and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and an absence of integration, leading to disparities and ineffectiveness. Despite residing in an age of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to supply insights and services 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 services say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service invests in global payroll the less of an image they see a lack of exposure likewise reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide 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 mistakes poorly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t require to be included best 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 amount of time 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 ideal ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to kind of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split 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 process it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by companies throughout the world so again you’re simply seeking to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or real difficult sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more prompt 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 know that we are working in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from a cost point of view from an impact perspective on employees it is absolutely vital 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 biggest detrimental result on people’s well-being and many other aspects if individuals aren’t paid uh I have actually always been astonished coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only notice when things go wrong. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally too. For that reason, it is important to ensure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the very first International Payments first payroll payment option is a fantastic initial step towards supplying a comprehensive payroll service for employees worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and bank accounts necessary for global payroll are crucial consider achieving 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 do not go as planned. Ultimately, we don’t do it for the gratitude.
anyway we know how how important 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 easy as possible for everybody that’s associated with those processes and also so picture sorry I’m simply 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 sure we’re talking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job 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 try to browse them and in fact see what was going on and sort of try to get back to everybody so moving on appearance why do companies pick to main separate bank accounts there are Papaya Globals Indomaret services out there doing exactly this for particular nations and I’ve worked in a business or lots of services doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and anybody that’s dealing with 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 quantity that we are I think numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually 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 lots of other ways um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs changing but ultimately people are really stuck with what they recognize
with best um change is a hard thing we all don’t like modification um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having keeping several savings account but there’s a big quantity of intricacy chooses establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is big but I think the sincere answer is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this approach does present several obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Globals Indomaret