Over the last five or six years …Papaya Global Year End 2022 Ireland… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone 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 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 really really uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also discuss a recap and that must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them becomes a growing number of complex International organizations are seeking to discover Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment standpoint many organizations maintain separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain different savings account sometimes in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business streamline the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for services running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can transform them from a difficult job into a tactical property.
Handling payroll worldwide is a difficult task due to different guidelines, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual procedures, data silos, and a lack of combination, resulting in disparities and inadequacies. In spite of residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to offer insights and options to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international organizations have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what does not require to be included best and what does
it need to be thought of there’s differing 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is definitely important 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 take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m always astonished 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 divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people any place they are but 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 sort of the level of complexity there’s more and more benefits being organ or being used by services across the world so again you’re just aiming to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or real difficult kind of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any business has from a cost point of view from an impact point of view on workers it is definitely important that it’s done properly and on time so what we imply 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 detrimental result on individuals’s wellness and many other aspects if people aren’t paid uh I have actually always been astonished coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a great initial step um providing an end-to-end payroll service for your employees worldwide again I think is another huge um procedure again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of businesses and lowering the variety of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how important 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 everybody that’s involved in those processes and likewise so think of sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everyone so carrying on look why do business choose to main different bank accounts there are Papaya Global Year End 2022 Ireland services out there doing precisely this for particular countries and I’ve operated in a service or lots of organizations doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I think individuals have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering however ultimately individuals are really stuck with what they’re familiar
with right um change is a difficult thing we all do not like modification um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining several savings account but there’s a huge amount of intricacy chooses setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is substantial but I believe the truthful answer is change um people have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification to our Business 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 gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Year End 2022 Ireland