Over the last 5 or 6 years …Papaya Global Online Payroll… roles on the service provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates 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 really dreary and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll also go over a wrap-up and that ought to 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 more and more typical and handling them becomes more and more complicated Worldwide companies are wanting to discover Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment perspective many organizations preserve separate bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to maintain different savings account sometimes in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex obstacle for organizations running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to optimize working capital, and find how enhancing global payroll payments can transform them from a troublesome task into a tactical property.
Handling payroll worldwide is a difficult task due to numerous policies, compliance requirements, data security issues, and banking guidelines. The large variety of employees and services contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and an absence of combination, causing inconsistencies and inefficiencies. In spite of living in an age of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and services to simplify and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of international services have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the data is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they rely on the essential numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be included ideal and what does
it need to be considered there’s differing 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to sort of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and financing teams work closer together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry 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 information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to add to type of the level of intricacy there’s increasingly more benefits being organ or being provided by services across the world so again you’re simply seeking to add increasingly more payments to this already complex landscape so if you sort 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 genuine challenges or real difficult kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task 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 opinion and my experience that does not always require to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business has from an expense viewpoint from an effect point of view on staff members it is definitely crucial that it’s done properly and on time so what we suggest 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 detrimental impact on individuals’s wellness and numerous other elements if people aren’t paid uh I’ve constantly been amazed entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has actually 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 employees or not um however ultimately payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe 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 stuff is absolutely vital that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is a great initial step um offering an end-to-end payroll option for your staff members globally once again I think is another substantial um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of businesses and lowering the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how important a function 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 envision sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of shot to return to everybody so moving on appearance why do business pick to main different savings account there are Papaya Global Online Payroll companies out there doing precisely this for particular countries and I have actually operated in a business or lots of companies doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s dealing with that procedure 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 lots of reasons one is it’s the requirement I believe people have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes 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 passed by to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it requires changing but ultimately individuals are very stuck to what they recognize
with best um change is a difficult thing all of us don’t like change 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 great deal of track of things um I comprehend clearly the advantages of having keeping numerous bank accounts but there’s a substantial amount of complexity opts for setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is big however I think the truthful response is modification um people have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to track and this approach does pose several difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety 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 actually gained another CFO, and with this improved ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Online Payroll