Over the last 5 or 6 years …Time And Attendance Papaya Global… functions on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll likewise go over a recap and that should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more typical and handling them ends up being more and more intricate Global organizations are looking to find Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment viewpoint lots of organizations maintain different bank account just for payroll while some have multiple accounts in different nations does it make good sense for business to maintain different bank accounts often in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex procedures of
Making sure accurate, efficient, and timely payroll payments is a complex obstacle for businesses operating worldwide. 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 enhance working capital, and find how enhancing international payroll payments can transform them from a troublesome job into a tactical asset.
Managing payroll internationally is a difficult job due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of workers and services contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and a lack of combination, resulting in inconsistencies and inadequacies. Despite residing in a period of technological advancements, payroll management has actually been slow to adapt, 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 optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses have actually revealed that they do not 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 data information entry errors poorly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the typical expense of a global data 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 don’t run smoothly if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and say what is it what does not need to be included ideal 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 nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you have 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 constructing a knowledge base is definitely critical but all over you look with payroll payment they are like very payments no if however some babies 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 recognition that payroll payments are absolutely essential and technology is enabling us to kind of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split 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 procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by businesses across the world so again you’re just wanting to include a growing number of payments to this already complicated landscape so if you sort 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 challenges or real difficult type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger a business 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 groups feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not always require 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 just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from an expense perspective from an impact perspective on staff members it is definitely critical that it’s done correctly 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 most significant harmful effect on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been astonished entering this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a terrific initial step um supplying an end-to-end payroll service for your employees globally once again I believe is another substantial um process again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they need 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 have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how essential 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 involved in those procedures and also so imagine sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture 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 however it would certainly be a fascinating task trying to clean up 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 in fact see what was going on and type of shot to return to everybody so proceeding look why do companies select to main separate savings account there are Time And Attendance Papaya Global organizations out there doing exactly this for particular nations and I have actually worked in a business or lots of services doing exactly that I can state it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t need 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 lots of reasons one is it’s the standard I think individuals have got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs altering however ultimately individuals are extremely stuck to what they’re familiar
with best um change is a tough thing all of us don’t like modification um so I think 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 things um I understand obviously the benefits of having keeping numerous bank accounts but there’s a big amount of complexity opts for setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is huge however I think the truthful answer is modification um individuals have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however 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 approximately there is a lot to track and this technique does position a number of challenges um so Johnny might you inform us about those obstacles yeah of course so there’s a range 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 staff members you are worthy of a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Time And Attendance Papaya Global