Over the last 5 or 6 years …Papaya Global.My Review… roles on the company side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather 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 everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I wish I was somewhere else at this moment in time okay so let’s start 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 savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also review a recap and that needs to leave his time at the really extremely 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 International workforces end up being a growing number of typical and managing them becomes more and more complex Global organizations are wanting to discover Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment standpoint lots of companies keep different bank account just for payroll while some have several accounts in various nations does it make good sense for business to maintain different bank accounts often in different countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international business enhance the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to enhance working capital, and find how streamlining global payroll payments can transform them from a difficult task into a tactical property.
Handling payroll globally is an overwhelming task due to numerous policies, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and services adds to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual processes, data silos, and a lack of integration, leading to disparities and inefficiencies. Regardless 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 by hand, typically utilizing pen and paper. This webinar objectives to supply insights and options to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on global payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of global companies have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the data is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be included right and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need 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 best eventually constructing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble extremely 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 acknowledgment that payroll payments are definitely essential and technology is permitting us to sort of move on with that it also as well to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anyone 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by companies across the world so again you’re simply seeking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine difficulties or real challenging sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would certainly state that the larger a company 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 info 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 does not always require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason 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 an expense viewpoint from an impact perspective on workers it is absolutely important 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 most significant destructive impact on people’s wellness and many other aspects if people aren’t paid uh I’ve constantly been astonished coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just notice when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. Therefore, it is vital to ensure that jobs like Wi-Fi Global and other crucial matters are done correctly. Utilizing the very first Global Payments very first payroll payment service is an excellent initial step towards offering a comprehensive payroll service for workers worldwide. Standardization, international processes, and reducing the number of tools, platforms, and savings account necessary for worldwide payroll are key factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway we know how how important 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 procedures and likewise so envision sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting 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 need days of the week to try to look through them and actually see what was going on and type of shot to return to everybody so moving on look why do business select to primary different savings account there are Papaya Global.My Review companies out there doing exactly this for particular nations and I’ve worked in an organization or lots of businesses doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think people have got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that requires looking at it needs changing however eventually people are extremely stuck with what they’re familiar
with best um modification is a tough thing all of us don’t like modification um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining numerous checking account however there’s a huge quantity of complexity opts for establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is substantial but I believe the sincere response is modification um people have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century approximately there is a lot to monitor and this method does position numerous difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a variety 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 staff members you should have a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global.My Review