Over the last 5 or 6 years …Papaya Global Payroll App Download… functions on the provider side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer 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 type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really dreary and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a wrap-up which needs to leave his time at the really very 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 labor forces end up being increasingly more typical and handling them becomes more and more complex Worldwide companies are looking to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment perspective lots of organizations keep different bank account just for payroll while some have several accounts in various nations does it make sense for companies to preserve different bank accounts in some cases in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business improve the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to optimize working capital, and find how improving international payroll payments can transform them from a difficult task into a strategic property.
Handling payroll internationally is an overwhelming task due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The large number of workers and services contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and a lack of combination, resulting in inconsistencies and inadequacies. Despite living in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and solutions to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international organizations have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors poorly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is shipped 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 require to move the money around the world payroll and payments don’t run efficiently if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and say what is it what does not need to be included ideal and what does
it need to be considered there’s varying 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 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 complexity anywhere you look best ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble super payments no if however some infants 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 recognition that payroll payments are definitely essential and technology is allowing us to sort of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m always amazed 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 occupation would they split the payroll payment from computation I would say no so why do we as an industry 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 data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses throughout the world so once again you’re simply seeking to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine difficult type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost viewpoint from an effect viewpoint on employees it is absolutely critical 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 have to be done right it has the greatest harmful effect on people’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been impressed entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a great initial step um providing an end-to-end payroll service for your employees worldwide once again I believe is another huge um process again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of companies and lowering the number of tools platforms and checking account 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how important 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 simple as possible for everybody that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na say 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 talking about numerous thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to get back to everyone so moving on appearance why do business choose to main different checking account there are Papaya Global Payroll App Download services out there doing exactly this for specific nations and I’ve operated in an organization or lots of companies doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and any person that’s dealing with 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 quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and rightly 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 simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it requires altering but eventually individuals are extremely stuck to what they recognize
with right um modification is a tough thing we all don’t like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping numerous savings account but there’s a substantial quantity of complexity goes with setting up a checking account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is huge however I believe the truthful answer is change um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century approximately there is a lot to track and this approach does position several challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just did you changed our Business 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 International employees you are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll App Download