Over the last five or 6 years …Papaya Global Change Weekly Payroll Date… roles on the company side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating 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 truly 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 really really gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll also review a wrap-up which needs to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and managing them ends up being a growing number of complicated Worldwide organizations are aiming to find Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment standpoint numerous companies preserve separate bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve different bank accounts in some cases in different countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business improve the episode complex processes of
Making sure accurate, effective, and prompt payroll payments is a complex obstacle for companies operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to optimize working capital, and find how simplifying global payroll payments can change them from a burdensome job into a strategic possession.
Handling payroll globally is an overwhelming task due to various policies, compliance requirements, data security issues, and banking rules. The large variety of employees and organizations adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual processes, data silos, and a lack of combination, leading to disparities and inadequacies. Regardless of living in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to offer insights and options to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in global payroll the less of an image they see a lack of visibility likewise reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of global services have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors badly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be consisted of right and what does
it require to be considered there’s varying Bank information 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 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 customer’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they resemble super payments no if however 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 basic and technology is permitting us to sort of progress with that it also too to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely necessary that payroll and finance teams work better together than ever um I’m always amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to add to type of the level of intricacy there’s a growing number of advantages being organ or being offered by companies across the world so once again you’re simply seeking to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine challenging sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information 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 necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single most significant liability that any business has from an expense point of view from an impact perspective on employees it is definitely critical 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 biggest destructive effect on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve always been amazed coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just see when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. For that reason, it is important to make sure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first International Payments very first payroll payment solution is a great preliminary action towards providing a detailed payroll option for workers worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and checking account needed for international payroll are crucial consider accomplishing organization success. While we don’t anticipate 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 thankfulness.
anyway we know how how important a function 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 simple as possible for everybody that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say picture 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 possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t envision 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 everyone so carrying on look why do companies select to primary separate bank accounts there are Papaya Global Change Weekly Payroll Date organizations out there doing exactly this for particular nations and I have actually worked in a company or many companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think people have got so used to we require a 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 individuals have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it requires changing however ultimately individuals are really stuck with what they’re familiar
with best um modification is a difficult thing all of us don’t like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having maintaining numerous checking account however there’s a substantial amount of intricacy opts for establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is substantial but I believe the honest answer is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we have actually 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 two there is a lot to track and this technique does position several obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety 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 resembles 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 since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Change Weekly Payroll Date