Over the last 5 or 6 years …Papaya Global Vs Deel… roles on the company side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone 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 very uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more common and managing them becomes increasingly more complex Worldwide companies are looking to discover Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment viewpoint lots of organizations maintain separate checking account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain separate checking account in some cases in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to enhance working capital, and discover how improving worldwide payroll payments can transform them from a difficult job into a tactical property.
Handling payroll worldwide is a challenging job due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, information silos, and a lack of integration, leading to disparities and inadequacies. In spite of residing in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and solutions to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on global payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global businesses have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors inadequately communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the data is delivered to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they count on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be included best and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is absolutely critical but all over you look with payroll payment they resemble incredibly payments no if but 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 absolutely essential and technology is enabling us to kind of move on with that it also too to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly astonished 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 split the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by services throughout the world so again you’re simply aiming to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine tough kind of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age 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 hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from a cost perspective from an impact point of view on staff members it is definitely important that it’s done properly and on time so what we suggest 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 lots of other aspects if individuals aren’t paid uh I’ve always been amazed coming into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just 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 absolutely essential that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a great primary step um providing an end-to-end payroll option for your staff members globally again I think is another huge um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of organizations and decreasing the variety of tools platforms and savings account they require for their Global 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’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten 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 think any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 processes and also so picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount 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 keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job 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 attempt to browse them and actually see what was going on and sort of shot to get back to everyone so moving on appearance why do business choose to primary different savings account there are Papaya Global Vs Deel companies out there doing exactly this for particular nations and I have actually worked in a service or numerous organizations doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and anyone that’s handling that process 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 numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs looking at it needs altering but ultimately people are very stuck with what they’re familiar
with best um modification is a tough thing we all don’t like modification um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping several checking account but there’s a substantial amount of complexity opts for establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is big however I think the sincere answer is change um people haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep track of and this technique does present a number of challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Vs Deel