Over the last 5 or six years …Papaya Global Pros And Cons… roles on the service provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really dreary and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll likewise go over a recap and that ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and handling them ends up being more and more complex Global companies are wanting to find Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment viewpoint many organizations keep different savings account just for payroll while some have several accounts in various countries does it make good sense for business to preserve different bank accounts often in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business simplify the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to optimize working capital, and discover how improving global payroll payments can transform them from a burdensome job into a tactical asset.
Handling payroll globally is a challenging task due to numerous regulations, compliance requirements, data security issues, and banking rules. The large variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual procedures, information silos, and a lack of integration, causing disparities and ineffectiveness. Despite living in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to supply insights and options to streamline and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors badly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and state what is it what does not need to be consisted of best and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like extremely payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of move on with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m constantly 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 work in the payroll profession would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to add to type of the level of complexity there’s increasingly more advantages being organ or being used by companies throughout the world so again you’re simply aiming to include a growing number of payments to this already intricate landscape so if you sort 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 obstacles or genuine tough sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a company 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 teams feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in an age 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 requires to be agreed and appropriately as you said payroll is the single biggest liability that any company has from an expense viewpoint from an effect point of view on staff members it is definitely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on people’s wellness and many other elements if people aren’t paid uh I have actually constantly been amazed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally as well. Therefore, it is necessary to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the first Global Payments first payroll payment option is a great initial step towards offering an extensive payroll solution for employees worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and savings account required for worldwide payroll are crucial factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we understand 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 easy as possible for everybody that’s associated with those procedures and also so picture sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that numerous 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 absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of try to return to everybody so carrying on look why do companies pick to primary different checking account there are Papaya Global Pros And Cons organizations out there doing exactly this for particular nations and I’ve worked in a business or numerous companies doing exactly that I can say it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and anyone that’s handling 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 amount that we are I think numerous factors one is it’s the standard I believe people have actually got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs altering however eventually individuals are extremely stuck with what they recognize
with ideal um change is a tough thing all of us do not like change um so I think it’s just 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 clearly the benefits of having maintaining multiple savings account but there’s a big quantity of complexity chooses setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is substantial but I think the sincere response is modification um people have not had the ability to alter or have not had necessarily the knowledge to really 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 understand and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or two there is a lot to track and this approach does present numerous obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Pros And Cons