Over the last five or 6 years …Nominal Reports In Papaya Global… roles on the company side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really 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 raining here it’s extremely really dreary and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll also review a recap and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and managing them becomes a growing number of complicated International companies are wanting to discover Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint lots of organizations keep separate bank account just for payroll while some have numerous accounts in different countries does it make sense for business to keep different checking account sometimes in various nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for companies operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a burdensome job into a tactical asset.
Managing payroll worldwide is an overwhelming job due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The large variety of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual procedures, information silos, and a lack of combination, causing disparities and inefficiencies. In spite of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and options to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a business spends on worldwide payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international services have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is shipped to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the essential several processes 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 obstacles organization face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what does not require to be included ideal and what does
it need 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 amount of time 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 any place you look best eventually developing a knowledge base is definitely critical but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and technology is enabling us to sort of move forward with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work better together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anybody 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 often split and cut up um eventually it’s payroll is an end-to-end procedure 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 3rd parties so with the
world we reside in and wellness being more and more essential to add to type of the level of complexity there’s more and more benefits being organ or being provided by services across the world so once again you’re just seeking to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or genuine difficult type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info 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 does not always require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect point of view on staff members it is definitely critical that it’s done properly and on time so what we mean 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 effect on people’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just notice when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally also. For that reason, it is important to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Using the very first International Payments very first payroll payment service is a terrific preliminary step towards providing a detailed payroll solution for workers worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and bank accounts essential for global payroll are key factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we understand how how crucial 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 involved in those procedures and likewise so think of sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine 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 in fact see what was going on and kind of try to return to everyone so moving on appearance why do business select to main different checking account there are Nominal Reports In Papaya Global services out there doing precisely this for particular countries and I have actually operated in an organization or numerous services doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and anybody that’s dealing with that procedure 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 lots of factors one is it’s the standard I believe people have actually got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions but 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 gone past to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering however ultimately individuals are really stuck with what they’re familiar
with right um modification is a hard thing we all don’t like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having keeping multiple checking account but there’s a substantial amount of complexity goes with setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is substantial but I think the sincere response is change um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to track and this technique does present numerous obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched 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 Worldwide staff members you are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Nominal Reports In Papaya Global