Over the last 5 or 6 years …Http Www.Payrollcenter.Com Papaya Global… roles on the provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting 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 everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and handling them becomes more and more complicated International companies are wanting to discover Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment viewpoint many companies preserve separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve separate savings account in some cases in different nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies enhance the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a difficult task into a tactical possession.
Managing payroll worldwide is a complicated job due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and inadequacies. Despite residing in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and solutions to streamline and optimize international payroll payments.
about it to give you a concept 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 offers me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors poorly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be consisted of ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 consumer’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is absolutely important 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 type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to kind of move on with that it likewise too to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation 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 information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re simply aiming to add more and more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or genuine challenging kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost viewpoint from an effect point of view on workers it is absolutely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on people’s well-being and many other elements if individuals aren’t paid uh I’ve always been amazed entering this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has been told thank you for processing my payroll properly 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 an essential cycle we all hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise 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 things is absolutely crucial that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a fantastic initial step um supplying an end-to-end payroll option for your staff members worldwide once again I believe is another huge um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of services and reducing the variety of tools platforms and bank accounts they require for their Worldwide 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 had a hundred countless them within a payroll cycle don’t anticipate 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 rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we know 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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I suggest 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 all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and kind of try to get back to everybody so carrying on appearance why do companies select to main separate savings account there are Http Www.Payrollcenter.Com Papaya Global companies out there doing precisely this for specific countries and I have actually operated in an organization or numerous companies doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and anybody 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 reasons one is it’s the requirement I think people have actually got so utilized to we require a new savings account we open an entity and rightly 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 simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a process that needs taking a look at it requires changing but ultimately people are very stuck to what they recognize
with best um change is a tough thing we all don’t like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping several bank accounts however there’s a big amount of complexity opts for establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge however I believe the honest answer is modification um individuals haven’t been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to track and this method does pose numerous challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I simply 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 Global employees you deserve a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Http Www.Payrollcenter.Com Papaya Global