Over the last 5 or six years …Papaya Global Courses Chichester College… functions on the company side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely dreary and I want I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll likewise review a recap and that needs to leave his time at the really 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 International labor forces end up being more and more common and managing them ends up being increasingly more intricate International companies are wanting to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment perspective many companies keep separate savings account just for payroll while some have multiple accounts in various nations does it make good sense for business to preserve different bank accounts sometimes in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business streamline the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and discover how streamlining global payroll payments can transform them from a challenging task into a tactical possession.
Managing payroll globally is a complicated task due to different policies, compliance requirements, data security issues, and banking guidelines. The large number of workers and services contributes to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. Despite living in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to provide insights and services to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in international payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s a great question I constantly toss this back and say what is it what does not 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 nation there’s payment time frames 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 consumer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 essential and innovation is permitting us to sort of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals state I have actually 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 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 frequently 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 any place 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 contribute to type of the level of complexity there’s increasingly more advantages being organ or being offered by services across the world so again you’re simply looking to add increasingly 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 make certain but have you got any experience in kind of real obstacles or real tough sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things but you know 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 produce additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense point of view from an impact perspective on staff members it is definitely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive result on people’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only notice when things go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally also. For that reason, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Worldwide Payments first payroll payment service is a great initial step towards supplying a detailed payroll service for staff members worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and savings account essential for international payroll are crucial factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyhow we understand 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 easy as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and type of try to get back to everybody so proceeding look why do business choose to main separate checking account there are Papaya Global Courses Chichester College businesses out there doing precisely this for particular nations and I’ve operated in a service or numerous companies doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anyone where we do not need 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 lots of factors one is it’s the requirement I think individuals have got so used to we require a new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways 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 needs altering but eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s just sort 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 understand clearly the benefits of having keeping numerous bank accounts but there’s a big quantity of complexity chooses setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big however I believe the honest answer is change um individuals haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or so there is a lot to monitor and this technique does present several obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you switched 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 deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Courses Chichester College