Over the last 5 or six years …Papaya Global Collections Or Credit Card Company… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly 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 extremely dreary and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll also review a recap which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them ends up being a growing number of complicated Global organizations are aiming to discover Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment perspective lots of companies preserve different savings account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain different bank accounts sometimes in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business improve the episode complex procedures of
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a challenging job into a strategic property.
Handling payroll worldwide is a challenging task due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer number of staff members and companies adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and a lack of combination, leading to disparities and inadequacies. Regardless of residing in an era of technological developments, 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 aims to offer insights and solutions to streamline and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide organizations have revealed that they do not 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 errors poorly 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 average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be thought of there’s varying Bank details 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 customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and innovation is allowing us to sort of move on with that it also also 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 definitely important that payroll and finance groups work closer together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 often 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 however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses across the world so again you’re just looking to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine tough type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information 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 require to produce additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single greatest liability that any company has from an expense point of view from an effect perspective on staff members it is absolutely critical 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 have to be done right it has the most significant destructive result on people’s well-being and many other factors if individuals aren’t paid uh I have actually always been amazed coming into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this sort of webinar has actually been informed 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 eventually payroll is such an essential cycle all of us find out about it when it fails everybody 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 deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic first step um offering an end-to-end payroll solution for your employees worldwide once again I believe is another big um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of businesses and lowering the number of tools platforms and savings account they need for their International 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 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 think any of us are really doing that for for the thanks
anyhow we know 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of try to return to everyone so moving on appearance why do companies choose to primary separate checking account there are Papaya Global Collections Or Credit Card Company organizations out there doing precisely this for specific nations and I’ve operated in an organization or many organizations doing precisely that I can say it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and anyone that’s dealing with 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 amount that we are I believe many factors one is it’s the standard I believe people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately individuals are really 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 simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping numerous savings account however there’s a substantial amount of intricacy goes with establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is substantial but I think the truthful answer is modification um individuals have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to track and this method does posture a number of obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety 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 workers you deserve a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Collections Or Credit Card Company