Over the last five or 6 years …Papaya Global Payroll Tlr… roles on the provider side and likewise on the supplier side from a payroll point of view so truly anticipating 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 all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll likewise discuss a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and managing them becomes increasingly more intricate International companies are looking to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment viewpoint numerous companies keep separate checking account just for payroll while some have several accounts in various nations does it make good sense for business to keep different bank accounts sometimes in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex procedures of
Making sure accurate, effective, and timely payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to optimize working capital, and find how simplifying global payroll payments can transform them from a difficult task into a strategic possession.
Handling payroll worldwide is a difficult task due to various guidelines, compliance requirements, information security concerns, and banking rules. The large variety of workers and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual processes, information silos, and an absence of combination, leading to inconsistencies and ineffectiveness. Despite living in a period 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 objectives to provide insights and services to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see an absence of presence also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global 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 due to time reporting poor HCM data data entry errors badly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the necessary multiple procedures 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 obstacles company face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what does not need to be included best and what does
it require to be thought about there’s differing Bank information 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 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 ideal ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like very payments no if but 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however 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 type of the level of intricacy there’s a growing number of advantages being organ or being used by organizations throughout the world so once again you’re just seeking to include a growing number of payments to this already complicated landscape so if you kind 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 real obstacles or real tough type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely state 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 job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single most significant liability that any service has from a cost perspective from an effect perspective on employees it is absolutely crucial that it’s done correctly 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 damaging impact on people’s wellness and many other factors if individuals aren’t paid uh I have actually constantly been amazed entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll properly 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 an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe 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 things is absolutely important that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a great primary step um offering an end-to-end payroll solution for your workers worldwide once again I believe is another substantial um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of companies and decreasing the number of tools platforms and bank accounts they require 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 ever 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 haven’t gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how important a function 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 everyone that’s involved in those procedures and also so envision sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean 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 look through them and really see what was going on and type of shot to return to everybody so carrying on appearance why do companies select to primary different checking account there are Papaya Global Payroll Tlr businesses out there doing precisely this for specific nations and I have actually operated in a service or numerous businesses doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we don’t have to and anybody 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 believe many factors one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply 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 looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs changing but eventually individuals are extremely stuck with what they’re familiar
with right um change is a tough thing we all don’t like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having preserving several savings account but there’s a huge amount of intricacy chooses establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is big but I think the honest answer is change um individuals haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this method does present several difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change 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 gained another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Payroll Tlr