Over the last 5 or 6 years …Payroll Papaya Global Inc Accountants… roles on the provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type 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 type of like see where everybody originates from and I actually 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 drizzling here it’s extremely very bleak and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll likewise review a recap which needs to leave his time at the really 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 Global workforces end up being increasingly more common and managing them becomes increasingly more complicated Worldwide organizations are wanting to find Solutions and new ways to improve processes especially from a payroll and cross-border payment perspective lots of organizations keep separate checking account just for payroll while some have several accounts in various countries does it make sense for companies to preserve different checking account often in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies improve the episode complex procedures of
Guaranteeing precise, effective, and timely payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to enhance working capital, and find how simplifying international payroll payments can transform them from a burdensome task into a tactical property.
Handling payroll globally is an overwhelming task due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and businesses adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. In spite of residing in a period of technological developments, payroll management has actually been slow 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 simplify and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of a photo they see a lack of exposure likewise 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 actually revealed 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 poorly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they rely on the required multiple 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 difficulties organization face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely important however all over you look with payroll payment they resemble incredibly 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 think there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to type of progress with that it likewise as well to add to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m always astonished when people say I have actually split 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 split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being used by organizations throughout the world so again you’re simply looking to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real obstacles or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they just make them more timely they make them less effective 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 we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any company has from an expense perspective from an effect viewpoint on workers it is absolutely crucial 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 greatest harmful impact on people’s wellness and lots of other elements if people aren’t paid uh I have actually always been astonished entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply 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 things is definitely important that all of this things is done correctly so leveraging the very first Global Payments first payroll payment solution is a great primary step um providing an end-to-end payroll solution for your employees globally again I think is another huge um procedure again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t 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 countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of shot to return to everyone so moving on look why do companies choose to primary separate savings account there are Payroll Papaya Global Inc Accountants services out there doing exactly this for specific countries and I’ve worked in a company or numerous businesses doing precisely that I can state it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not need to and anyone that’s managing 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 believe numerous factors one is it’s the standard I believe people have got so utilized to we need a brand-new checking account we open an entity and rightly so you require 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 standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs changing however ultimately people are very stuck with what they’re familiar
with right um change is a difficult thing all of us do not like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining multiple bank accounts however there’s a huge quantity of intricacy goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is substantial however I believe the truthful answer is modification um individuals haven’t had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect 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 understand what could almost be figured out to be the next Century or two there is a lot to keep an eye on and this method does posture numerous challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Payroll Papaya Global Inc Accountants