Over the last five or 6 years …Papaya Global Paying Temporary… roles on the provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join all of us 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 currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually 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 drizzling here it’s very very dreary and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that ought to leave his time at the really 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 Global labor forces become a growing number of common and managing them ends up being a growing number of complicated Global companies are looking to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective many organizations maintain different checking account just for payroll while some have several accounts in various nations does it make sense for companies to maintain separate checking account in some cases in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business simplify the episode complex processes of
Guaranteeing precise, effective, and timely payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a troublesome job into a tactical asset.
Handling payroll globally is a challenging task due to numerous policies, compliance requirements, information security concerns, and banking rules. The large variety of staff members and services adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and an absence of integration, resulting in disparities and inadequacies. In spite of living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to supply insights and options to simplify and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of an image they see a lack of visibility also extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they depend on the necessary several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be consisted of ideal 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 country there’s payment amount of time 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 client’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is absolutely vital however all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to sort of move on with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you walk 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 an industry accept that why our payroll and payments so typically 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 individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to type of the level of intricacy there’s more and more benefits being organ or being used by businesses throughout the world so again you’re simply seeking to include more and more payments to this already complicated landscape so if you type 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 real difficulties or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost viewpoint from an impact viewpoint on employees it is definitely crucial that it’s done properly and on time so what we indicate 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 impact on individuals’s wellness and many other factors if individuals aren’t paid uh I have actually always been astonished entering into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort of webinar has actually been informed 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 employees or not um however ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view 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 correctly so leveraging the first Global Payments very first payroll payment option is a fantastic initial step um providing an end-to-end payroll option for your workers internationally again I believe is another substantial um process again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of companies and lowering the variety of tools platforms and bank accounts they need 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not 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 understand 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely 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 was the case um you ‘d need days of the week to try to browse them and actually see what was going on and sort of shot to return to everyone so proceeding look why do business select to primary different savings account there are Papaya Global Paying Temporary organizations out there doing precisely this for particular nations and I have actually operated in a business or many organizations doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s handling 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 amount that we are I think many factors one is it’s the requirement I think individuals have actually got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals 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 lots of other ways um to to sort of do it so I think there’s a range I believe this is a process that needs looking at it requires altering but ultimately people are very stuck to what they recognize
with ideal um change is a difficult thing all of us do not like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping several checking account but there’s a substantial amount of intricacy chooses setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is substantial but I believe the honest response is change um people have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason 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 or so there is a lot to keep an eye on and this approach does present numerous challenges um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Paying Temporary