Over the last five or six years …Produce P32 In Papaya Global… roles on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of 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 quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually 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 very extremely dreary and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a recap which ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and handling them becomes increasingly more complicated International organizations are looking to discover Solutions and new ways to improve processes particularly from a payroll and cross-border payment perspective lots of organizations preserve different checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep different savings account in some cases in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies streamline the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to enhance working capital, and discover how improving global payroll payments can transform them from a challenging task into a strategic possession.
Managing payroll internationally is a challenging job due to various regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and services contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Despite living in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to supply insights and options to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on global payroll the less of an image they see an absence of presence also reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide services have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the incorrect 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 need to move the cash around the world payroll and payments don’t run efficiently if they depend on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what does not require to be included right and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like 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 acknowledgment that payroll payments are absolutely essential and innovation is allowing us to type of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work closer together than ever um I’m always amazed when people say I have actually divided 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 divide the payroll payment from computation 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 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 live in and well-being being increasingly more essential to contribute to type of the level of complexity there’s increasingly more benefits being organ or being offered by services across the world so again you’re simply looking to include increasingly more payments to this currently complicated 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 challenges or genuine difficult kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are working 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 a cost viewpoint from an effect viewpoint on staff members it is definitely crucial 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 greatest destructive result on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been impressed entering this Market kind of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally also. Therefore, it is necessary to ensure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first International Payments first payroll payment option is a great initial step towards supplying an extensive payroll solution for employees worldwide. Standardization, global processes, and lowering the number of tools, platforms, and savings account essential for global payroll are crucial consider accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we know 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of getting that lots of 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 all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of try to get back to everyone so carrying on look why do business pick to main different savings account there are Produce P32 In Papaya Global businesses out there doing exactly this for specific countries and I’ve operated in a service or many companies doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I believe individuals have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing but eventually individuals are really stuck with what they’re familiar
with best um change is a challenging thing we all do not like change um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving numerous savings account but there’s a substantial quantity of complexity goes with setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private people so the complexity is big however I believe the sincere answer is modification um individuals have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve constantly 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 know what could almost be determined to be the next Century or two there is a lot to track and this approach does position numerous obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Produce P32 In Papaya Global