Over the last five or six years …Papaya Global Splash Screen Then Closes… roles on the provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well among 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 interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 very dreary and I want I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll also go over a wrap-up and that should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and handling them becomes increasingly more complicated Global companies are looking to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment standpoint lots of companies preserve separate savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve different savings account often in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies simplify the episode complex processes of
Ensuring precise, efficient, and timely payroll payments is a complex challenge for services operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a difficult job into a tactical asset.
Managing payroll globally is a daunting task due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and an absence of combination, leading to disparities and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to supply insights and solutions to simplify and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of global organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a good concern I constantly throw this back and say 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 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely crucial but all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely basic and innovation is enabling us to kind of progress with that it also too to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to add to kind of the level of complexity there’s more and more benefits being organ or being provided by businesses throughout the world so again you’re simply wanting to add more and more payments to this currently intricate landscape so if you kind 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 genuine obstacles or genuine difficult kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely say that the larger a service 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 details 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 always need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from an expense point of view from an effect viewpoint on staff members it is definitely critical that it’s done correctly 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 detrimental impact on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only see when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally as well. For that reason, it is important to ensure that tasks like Wi-Fi International and other crucial matters are done properly. Using the first International Payments first payroll payment option is a great preliminary step towards providing a comprehensive payroll service for employees worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and savings account necessary for worldwide payroll are crucial factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyway we know how how important a function 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 simple as possible for everybody that’s involved in those procedures and also so think of sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task 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 look through them and really see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies pick to primary different savings account there are Papaya Global Splash Screen Then Closes services out there doing precisely this for specific countries and I’ve worked in a service or many companies doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t have to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I believe individuals have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires altering however ultimately people are extremely stuck to what they recognize
with best um change is a hard thing all of us do not like modification um so I think it’s just kind 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 obviously the advantages of having maintaining multiple checking account however there’s a substantial quantity of intricacy chooses setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is substantial but I believe the truthful response is change um people have not had the ability to alter 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 hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve constantly 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 could practically be identified to be the next Century approximately there is a lot to monitor and this method does pose a number of obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a range 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 International staff members you should have a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Splash Screen Then Closes