Over the last five or 6 years …Login To Papaya Global… roles on the company side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 extremely very gloomy and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also review a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of typical and managing them ends up being increasingly more complicated Worldwide companies are aiming to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment viewpoint numerous companies maintain separate bank account just for payroll while some have several accounts in various countries does it make good sense for companies to keep different savings account often in various countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies simplify the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to optimize working capital, and discover how improving global payroll payments can transform them from a burdensome task into a strategic asset.
Handling payroll internationally is a daunting job due to different guidelines, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and businesses contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual procedures, data silos, and a lack of integration, resulting in disparities and inefficiencies. Regardless of residing in an age of technological developments, 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 goals to offer insights and solutions to simplify and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in global payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide businesses have expressed 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 information data entry errors inadequately communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the required several procedures 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 challenges service face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be included ideal and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 complexity anywhere you look best ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they are like super payments no if however some babies 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 definitely essential and innovation is permitting us to kind of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely necessary that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being provided by organizations throughout the world so once again you’re just looking to add increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine difficult type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly say that the bigger a service 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 teams feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any company has from an expense viewpoint from an effect point of view on workers it is absolutely critical 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 need to be done right it has the greatest damaging effect on people’s well-being and numerous other factors if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this type of webinar has actually been told 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 staff members or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it fails everybody 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 absolutely important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a great first step um offering an end-to-end payroll option for your staff members globally once again I believe is another substantial um process again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of companies and decreasing the variety of tools platforms and checking account they require 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’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how essential a role 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 easy as possible for everyone that’s involved in those procedures and also so envision sorry I’m just I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly 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 up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and sort of shot to get back to everyone so proceeding look why do business pick to primary separate bank accounts there are Login To Papaya Global companies out there doing exactly this for specific countries and I have actually worked in a company or lots of services doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not need to and anybody that’s managing 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 lots of factors one is it’s the standard I think individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement 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 methods um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires changing however eventually individuals are extremely stuck with what they’re familiar
with best um modification is a hard thing we all don’t like modification um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining multiple savings account however there’s a big quantity of complexity opts for setting up a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big however I believe the honest answer is change um individuals have not had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or so there is a lot to keep an eye on and this technique does position a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety 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 actually acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Login To Papaya Global