Over the last 5 or 6 years …Papaya Global Reprint P60… roles on the provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody 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 really really uninspiring and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll likewise go over a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and handling them ends up being more and more complicated Worldwide organizations are seeking to discover Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment perspective many companies preserve different bank account just for payroll while some have multiple accounts in different nations does it make good sense for business to maintain different checking account often in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex procedures of
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, discover how business forecast payroll costs to enhance working capital, and discover how improving international payroll payments can transform them from a challenging task into a strategic property.
Managing payroll globally is a daunting job due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer number of employees and businesses contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual procedures, data silos, and an absence of integration, leading to inconsistencies and inadequacies. In spite of residing in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to supply insights and solutions to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization spends on international payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide businesses have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the information is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t require to be consisted of right and what does
it require to be considered there’s varying Bank details 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 have to pay from the client’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 innovation is allowing us to type of progress with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation 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 individuals any place 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 essential to add to sort of the level of complexity there’s more and more advantages being organ or being used by companies across the world so again you’re simply seeking to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real difficulties or genuine difficult type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age 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 agreed and rightly as you said payroll is the single biggest liability that any company has from an expense point of view from an effect viewpoint on staff members it is absolutely crucial 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 destructive effect on individuals’s wellness and numerous other aspects if people aren’t paid uh I have actually constantly been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment service is a fantastic first step um offering an end-to-end payroll solution for your workers internationally once again I believe is another huge um process again lining up and ensuring you have standardization Global processes all of those things are definitely essential to success success of services and reducing the variety of tools platforms and savings account they require for their Global 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 thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 everyone that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine 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 actually see what was going on and kind of try to get back to everybody so carrying on appearance why do business choose to main separate savings account there are Papaya Global Reprint P60 companies out there doing precisely this for particular countries and I’ve operated in a service or numerous services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t need to and any person that’s managing 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 numerous reasons one is it’s the standard I believe individuals have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering however ultimately individuals are really stuck to what they recognize
with ideal um modification is a difficult thing we all do not like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping multiple savings account however there’s a big quantity of complexity chooses establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is substantial however I believe the sincere response is change um individuals haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know 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 carrying on and moving into you know what might nearly be identified to be the next Century or two there is a lot to track and this approach does posture numerous obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Reprint P60