Over the last 5 or six years …Papaya Global Jobs Manchester… functions on the service provider side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another couple of uh well among 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 intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it is 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 very very gloomy and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap which should leave his time at the really extremely 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 end up being increasingly more typical and handling them ends up being increasingly more complex Worldwide companies are seeking to find Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment perspective many companies keep different bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain separate bank accounts in some cases in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies streamline the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can change them from a troublesome task into a tactical asset.
Handling payroll worldwide is a complicated job due to numerous guidelines, compliance requirements, data security issues, and banking rules. The large number of staff members and organizations adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and a lack of integration, resulting in disparities and inadequacies. Despite residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to supply insights and services to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on global payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide organizations have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the information is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary multiple processes systems and partners it is just 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 an excellent concern I constantly throw this back and say what is it what does not need to be included ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 consumer’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is definitely crucial however 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 kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to add to type of the level of intricacy there’s increasingly more benefits being organ or being provided by services throughout the world so once again you’re just seeking to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine challenging sort 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 business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create 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 require to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from an expense viewpoint from an effect point of view on workers it is definitely 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 have to be done right it has the most significant harmful effect on individuals’s well-being and numerous other elements if individuals aren’t paid uh I’ve constantly been impressed entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been told 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 workers or not um however ultimately payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout 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 definitely crucial that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your workers globally again I think is another huge um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of 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 ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how crucial a role 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 involved in those processes and also so picture sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of shot to get back to everyone so moving on appearance why do business choose to main separate savings account there are Papaya Global Jobs Manchester services out there doing precisely this for specific nations and I’ve worked in an organization or numerous organizations doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t have to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think individuals have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that needs looking at it requires changing but eventually individuals are very stuck to what they’re familiar
with ideal um modification is a hard thing we all don’t like modification um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having preserving several checking account but there’s a substantial amount of complexity chooses establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is big but I think the honest answer is change um people have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does pose several difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Jobs Manchester