Over the last five or 6 years …Papaya Global Apprenticeship Levy Nominal Link… functions on the provider side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind 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 everybody comes from and I truly 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 drizzling here it’s extremely very dreary and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business maintain different
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 International payroll payments as a strategic property uh we’ll likewise discuss a wrap-up and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and managing them becomes increasingly more complicated Worldwide organizations are looking to discover Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment standpoint many companies preserve different savings account just for payroll while some have several accounts in various countries does it make sense for companies to maintain different savings account often in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies improve the episode complex processes of
Ensuring precise, effective, and prompt payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to enhance working capital, and find how streamlining global payroll payments can change them from a difficult job into a strategic possession.
Handling payroll globally is a complicated job due to various regulations, compliance requirements, information security concerns, and banking rules. The large number of employees and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of integration, resulting in disparities and ineffectiveness. In spite of living in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to offer insights and solutions to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on global payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of international organizations have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors poorly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world 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 point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t require to be consisted of best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 complexity any place you look ideal eventually developing a knowledge base is definitely vital 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 take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to add to sort of the level of intricacy there’s more and more benefits being organ or being offered by organizations throughout the world so once again you’re just aiming to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or real challenging sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger an organization 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 groups feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost point of view from an effect perspective on workers it is absolutely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive result on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been amazed entering this Market kind of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just discover when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other vital matters are done correctly. Using the first Global Payments very first payroll payment solution is a great preliminary step towards offering a detailed payroll solution for staff members worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and bank accounts necessary for global payroll are essential factors in attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how essential 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 simple as possible for everybody that’s associated with those procedures and also so envision sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and type of shot to return to everybody so proceeding look why do business pick to main separate savings account there are Papaya Global Apprenticeship Levy Nominal Link businesses out there doing exactly this for specific countries and I have actually worked in a service or lots of businesses doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I believe individuals have got so used to we require a new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering however eventually individuals are really stuck with what they recognize
with best um change is a hard thing we all don’t like change um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining numerous bank accounts but there’s a huge quantity of complexity goes with establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is huge however I think the sincere answer is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however 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 carrying on and moving into you know what might almost be determined to be the next Century approximately there is a lot to monitor and this technique does present a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Apprenticeship Levy Nominal Link