Over the last 5 or 6 years …Papaya Global Software Uk… functions on the company side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually 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 really extremely gloomy and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll also go over a recap and that should leave his time at the very very 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 International labor forces become a growing number of common and handling them becomes more and more complicated International companies are looking to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment perspective numerous organizations keep separate bank account just for payroll while some have several accounts in different nations does it make sense for companies to keep separate bank accounts often in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business enhance the episode complex processes of
Making sure accurate, efficient, and prompt payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to optimize working capital, and discover how improving global payroll payments can change them from a troublesome job into a strategic possession.
Handling payroll globally is a difficult task due to various regulations, compliance requirements, data security concerns, and banking rules. The large variety of employees and organizations contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. In spite of living in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and options to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on global payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of international organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors poorly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the required 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 difficulties company face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be consisted of ideal 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 timespan 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 consumer’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 technology is enabling us to kind of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split 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 more and more crucial to add to type of the level of intricacy there’s more and more benefits being organ or being offered by organizations across the world so once again you’re simply aiming to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or genuine tough sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups 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 opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we run 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 an era that you know that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single biggest liability that any service has from a cost viewpoint from an effect perspective on workers it is definitely crucial that it’s done properly 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 destructive impact on people’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been amazed entering this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only discover when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally too. Therefore, it is vital to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first Global Payments very first payroll payment option is an excellent preliminary step towards offering a detailed payroll option for workers worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and savings account essential for international payroll are key factors in achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as prepared. Eventually, we do not do it for the gratitude.
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 everybody that’s associated with those procedures and also so picture sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean up 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 try to look through them and really see what was going on and type of shot to get back to everybody so proceeding appearance why do business choose to primary different bank accounts there are Papaya Global Software Uk services out there doing exactly this for particular countries and I have actually worked in an organization or many businesses doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and anyone that’s managing 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 amount that we are I believe lots of reasons one is it’s the requirement I believe people have actually got so used to we need a new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it needs altering but ultimately people are very stuck to what they recognize
with best um change is a tough thing we all don’t like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having maintaining several checking account but there’s a big quantity of intricacy opts for setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is huge however I think the sincere response is modification um individuals have not been able to change or haven’t had always the knowledge 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 understanding you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or so there is a lot to keep track of and this method does present a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I recently made a modification to our Business 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 gained another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Software Uk