Over the last 5 or 6 years …Set Up Nominal Link In Papaya Global… functions on the supplier side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently 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 sunshine is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll likewise review a recap and that should leave his time at the really extremely 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 end up being a growing number of common and managing them ends up being increasingly more complicated Worldwide companies are wanting to find Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment perspective lots of companies preserve different checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to preserve different checking account in some cases in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business streamline the episode complex processes of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to optimize working capital, and discover how streamlining global payroll payments can change them from a burdensome job into a tactical asset.
Handling payroll globally is a challenging task due to different regulations, compliance requirements, data security issues, and banking guidelines. The large number of workers and companies adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual procedures, data silos, and a lack of integration, leading to inconsistencies and inadequacies. Regardless of residing in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and solutions to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in international payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of global companies have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a good question I always throw this back and say what is it what does not need to be included right and what does
it require to be thought about there’s varying Bank information 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly payments no if however some children 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 absolutely basic and innovation is permitting us to kind 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 Details varying banking requirements and setup processes is definitely necessary that payroll and finance groups work closer together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 ultimately 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 also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to add to sort of the level of intricacy there’s a growing number of benefits being organ or being provided by services across the world so again you’re simply aiming to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or genuine tough sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know 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 effective and they do not make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single most significant liability that any business has from a cost viewpoint from an impact perspective on workers it is absolutely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging effect on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been impressed entering into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 stuff is absolutely essential that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a fantastic first step um providing an end-to-end payroll option for your staff members internationally again I believe is another huge um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of companies and reducing the number 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 had a hundred thousand of them within a payroll cycle do not 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 quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 processes and also so envision sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean 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 need days of the week to attempt to check out them and really see what was going on and kind of shot to return to everyone so carrying on appearance why do companies select to primary separate checking account there are Set Up Nominal Link In Papaya Global businesses out there doing precisely this for particular countries and I have actually worked in a business or many services doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and anyone 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 believe many factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires altering but ultimately individuals are extremely stuck with what they’re familiar
with ideal um change is a tough thing all of us do not like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having preserving multiple bank accounts however there’s a big amount of complexity goes with setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is huge but I think the sincere response is modification um people haven’t had the ability to alter or have not had always the understanding to truly 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 understand and there is an element of resistance to alter however we have actually 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 could almost be figured out to be the next Century or two there is a lot to keep an eye on and this approach does position several obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a modification 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 gained another CFO, and with this improved ability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Set Up Nominal Link In Papaya Global