Over the last five or six years …Https Support.Papaya Global.Com Hc En-us Articles 210101428-how-to-run-a-payroll… functions on the supplier side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually 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 very very gloomy and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll likewise go over a recap which must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and handling them ends up being more and more intricate Global organizations are looking to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment perspective lots of companies maintain separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain different bank accounts in some cases in different countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business simplify the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to optimize working capital, and discover how enhancing worldwide payroll payments can change them from a difficult job into a tactical possession.
Handling payroll globally is an overwhelming job due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and organizations contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual procedures, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. In spite of living in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to offer insights and solutions 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 only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in global payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of international companies have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the needed 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 challenges company face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be consisted of best and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 consumer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to kind of move on with that it also also to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals say I’ve 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 divide the payroll payment from estimation 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 process 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 live in and wellness being increasingly more important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re just seeking to include increasingly more payments to this currently 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 genuine obstacles or genuine challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger 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 teams feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age 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 appropriately as you said payroll is the single greatest liability that any service has from a cost viewpoint from an impact point of view on staff members it is definitely vital 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 need to be done right it has the greatest destructive impact on individuals’s wellness and many other elements if people aren’t paid uh I’ve always been impressed coming into this Market type 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 great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us hear about it when it fails everybody 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 deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific primary step um providing an end-to-end payroll option for your employees worldwide again I think is another huge um process again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of services and lowering the variety of tools platforms and savings account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 associated with those processes and also so picture sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine 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 definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and type of shot to get back to everyone so proceeding look why do companies choose to main different savings account there are Https Support.Papaya Global.Com Hc En-us Articles 210101428-how-to-run-a-payroll services out there doing exactly this for specific nations and I have actually operated in a service or lots of organizations doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and any person that’s handling that process 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 individuals have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it requires changing however ultimately individuals are extremely stuck to what they’re familiar
with best um modification is a hard thing all of us do not like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having preserving numerous bank accounts however there’s a substantial amount of complexity goes with establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is big but I believe the sincere answer is change um people have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose several obstacles um so Johnny might you inform us about those obstacles yeah obviously 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 seems like our CFO has actually gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Https Support.Papaya Global.Com Hc En-us Articles 210101428-how-to-run-a-payroll