Over the last five or six years …Papaya Global Eemployee On Hold… roles on the supplier side and likewise on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 really very gloomy and I wish I was elsewhere 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 maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll likewise review a wrap-up which 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 moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and handling them becomes more and more complicated Global companies are looking to find Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment viewpoint many companies keep separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve different checking account sometimes in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to optimize working capital, and discover how improving international payroll payments can change them from a troublesome task into a strategic possession.
Managing payroll worldwide is a difficult task due to different policies, compliance requirements, data security issues, and banking guidelines. The sheer number of workers and organizations contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. In spite of living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of international businesses have 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 due to time reporting poor HCM data information entry errors badly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the necessary multiple 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 challenges service face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be included right and what does
it need to be thought of 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 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 intricacy any place you look ideal eventually constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link 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 technology is enabling us to type of move forward with that it likewise also to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work more detailed 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 anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often 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 individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by organizations throughout the world so again you’re just wanting to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or genuine challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the larger a company 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 teams feeding information 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 does not always need to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost point of view from an effect point of view on employees 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 need to be done right it has the most significant detrimental impact on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been amazed entering into this Market type of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only notice when things fail. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally also. Therefore, it is necessary to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is an excellent initial action towards supplying an extensive payroll option for staff members worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and checking account needed for global payroll are essential consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we know how how crucial a role 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 easy as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean up 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 check out them and really see what was going on and sort of try to return to everyone so proceeding appearance why do business select to primary different bank accounts there are Papaya Global Eemployee On Hold services out there doing exactly this for specific countries and I have actually worked in a business or numerous services doing exactly that I can state it doesn’t constantly feel effective and it does produce 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 any person that’s managing that procedure 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 lots of factors one is it’s the standard I believe individuals have got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however 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 individuals have looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it requires altering but ultimately individuals are really stuck with what they’re familiar
with right um change is a challenging thing all of us do not like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving multiple bank accounts but there’s a huge amount of complexity opts for setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I believe the honest answer is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to track and this technique does posture several difficulties um so Johnny could you inform us about those challenges 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 handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Eemployee On Hold