Over the last five or six years …Papaya Global Software Canada… functions on the provider side and likewise on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type 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 really really bleak and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up which ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and managing them ends up being more and more complicated Worldwide companies are wanting to discover Solutions and new methods to improve procedures particularly from a payroll and cross-border payment viewpoint many organizations maintain different checking account just for payroll while some have multiple accounts in different countries does it make sense for business to preserve separate checking account often in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business improve the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a challenging job into a strategic property.
Managing payroll worldwide is a daunting task due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer number of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and a lack of integration, causing disparities and inefficiencies. Regardless of living in an age of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in international payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of global organizations have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations along with absence management and system setups and then when you round it all off and the data is shipped to the wrong location the typical cost of a global 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 world payroll and payments do not run smoothly if they depend 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 requires to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t need to be included best and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely payments no if but some babies 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 type of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being provided by companies across the world so once again you’re simply seeking to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or genuine difficult sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things however you know 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 while doing sos that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from an expense perspective from an impact perspective on employees it is absolutely critical 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 biggest damaging result on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally also. Therefore, it is vital to make sure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first Global Payments first payroll payment option is a fantastic initial action towards providing an extensive payroll solution for staff members worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and checking account necessary for global payroll are essential factors in accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as planned. Eventually, we do not do it for the appreciation.
anyhow we know how how important 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 everyone that’s involved in those procedures and also so imagine sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely I can’t envision 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 really see what was going on and type of try to return to everybody so proceeding look why do companies choose to primary separate bank accounts there are Papaya Global Software Canada companies out there doing precisely this for specific nations and I’ve operated in a company or lots of services doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I think individuals have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires looking at it needs altering however eventually people are very stuck with what they’re familiar
with best um modification is a hard thing all of us do not like modification um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having preserving numerous bank accounts however there’s a big amount of complexity opts for setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is big however I think the truthful answer is change um individuals have not been able 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’ve 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 proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to monitor and this method does posture a number of obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Software Canada