Over the last five or 6 years …Xero And Papaya Global Payroll… roles on the service provider side and likewise on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting 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 everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was elsewhere 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 handling Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on moving 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 increasingly more complex Worldwide organizations are seeking to discover Solutions and new ways to simplify processes especially from a payroll and cross-border payment standpoint lots of organizations keep different bank account just for payroll while some have numerous accounts in various nations does it make sense for companies to keep different savings account sometimes in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies streamline the episode complex processes of
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how business forecast payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a difficult task into a strategic property.
Handling payroll globally is an overwhelming job due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and companies adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual processes, information silos, and an absence of combination, resulting in disparities and ineffectiveness. Regardless of residing in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to supply insights and options to simplify and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes badly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the information is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they rely on the needed numerous 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 challenges organization face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what doesn’t require to be included right and what does
it require 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 client’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to kind of move forward with that it also as well to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work closer together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to contribute to sort of the level of intricacy there’s more and more advantages being organ or being used by companies across the world so again you’re just seeking to include increasingly more payments to this already complicated landscape so if you sort 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 real difficulties or real tough kind of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would certainly state that the larger a business 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 information into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create extra 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 era of tech and an era that you understand that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any business has from a cost perspective from an effect perspective on employees it is definitely critical 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 need to be done right it has the most significant harmful result on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been amazed coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure 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 hear about it when it goes wrong everyone jumps up and down when it goes wrong however 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 things is definitely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific first step um providing an end-to-end payroll solution for your staff members globally once again I believe is another substantial um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of businesses and minimizing the number of tools platforms and savings account 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 expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how important 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 associated with those procedures and also so think of sorry I’m just I was simply 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’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean 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 require days of the week to try to check out them and in fact see what was going on and type of try to return to everybody so proceeding appearance why do companies pick to primary separate savings account there are Xero And Papaya Global Payroll companies out there doing exactly this for specific countries and I’ve worked in an organization or many services doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for any person where we do not need to and anyone 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 think people have actually got so used to we need a new checking account we open an entity and appropriately 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 just been the standard and the norm the people have actually embraced 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 numerous other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing but ultimately people are very stuck to what they recognize
with best um change is a difficult thing all of us do not like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining numerous savings account but there’s a substantial amount of complexity chooses establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial but I think the truthful response is change um people haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to monitor and this method does position numerous obstacles um so Johnny could you tell us about those obstacles yeah of course 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 seems like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers 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 better, considering your achievements. Xero And Papaya Global Payroll