Over the last five or six years …Papaya Global Payroll Csv Import… functions on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite 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 everyone originates from and I truly do hope it’s much sunnier than it is 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 extremely very uninspiring and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll likewise review a recap which must leave his time at the really very 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 Worldwide labor forces become increasingly more typical and managing them ends up being a growing number of complicated International companies are seeking to find Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment perspective lots of companies preserve different checking account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve separate bank accounts sometimes in various nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business simplify the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex obstacle for businesses operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and find how enhancing international payroll payments can transform them from a burdensome task into a tactical possession.
Handling payroll worldwide is a complicated task due to different policies, compliance requirements, information security concerns, and banking guidelines. The large variety of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite living in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to offer insights and options 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 only 11 of services say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide organizations have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what does not require to be included right and what does
it need to be thought of there’s varying Bank information 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 capabilities 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 customer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is definitely important but all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 absolutely basic and technology is permitting us to type of progress with that it likewise as well to add to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being provided by services across the world so again you’re just seeking to include more and more payments to this already complex landscape so if you sort 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 obstacles or real challenging kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would absolutely 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 details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from an expense perspective from an impact perspective on employees it is absolutely vital 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 most significant detrimental result on individuals’s wellness and many other factors if individuals aren’t paid uh I’ve constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort 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 eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 definitely crucial that all of this things is done properly so leveraging the first International Payments first payroll payment service is a terrific first step um offering an end-to-end payroll option for your employees worldwide once again I think is another big um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of organizations and decreasing the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how essential 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 everybody that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na state envision 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 potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh absolutely 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 try to look through them and in fact see what was going on and sort of shot to get back to everyone so carrying on look why do business choose to main different checking account there are Papaya Global Payroll Csv Import organizations out there doing precisely this for particular nations and I’ve worked in a service or many companies doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for any person where we don’t have to and any person that’s dealing with 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 quantity that we are I think numerous factors one is it’s the standard I think individuals have got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs changing however eventually individuals are extremely stuck to what they’re familiar
with right um modification is a tough thing we all don’t like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping multiple bank accounts however there’s a big amount of complexity chooses establishing a checking account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for private people so the intricacy is substantial but I think the honest response is modification um individuals have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to monitor and this approach does position a number of difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you changed our Enterprise 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 are worthy of a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Csv Import