Over the last 5 or six years …Papaya Global Track Vacation… roles on the company side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really 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 raining here it’s extremely extremely gloomy and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on transferring 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 ends up being more and more complex Worldwide organizations are seeking to find Solutions and new methods to simplify processes particularly from a payroll and cross-border payment viewpoint numerous companies maintain different savings account just for payroll while some have numerous accounts in different countries does it make sense for business to keep separate savings account sometimes in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business simplify the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and find how streamlining international payroll payments can change them from a challenging task into a tactical possession.
Handling payroll globally is an overwhelming task due to numerous policies, compliance requirements, information security concerns, and banking rules. The large variety of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and a lack of integration, leading to disparities and ineffectiveness. In spite of residing in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on international payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of global businesses have expressed 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 bad HCM data information entry mistakes badly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be included best and what does
it require to be thought about there’s differing 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 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 complexity anywhere you look right eventually constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely essential and technology is allowing us to sort of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation 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 procedure it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of crucial to contribute to type of the level of complexity there’s more and more benefits being organ or being used by companies throughout the world so again you’re just seeking to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or real challenging type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of decades I would certainly state that the larger a business 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 details into the next function as it were that’s really handling the payment side of things however 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 develop extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from an expense perspective from an impact viewpoint on staff members it is absolutely important 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 harmful effect on people’s wellness and numerous other aspects if people aren’t paid uh I have actually constantly been impressed entering this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. Therefore, it is vital to make sure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the first Worldwide Payments first payroll payment option is a great preliminary action towards supplying an extensive payroll solution for employees worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and savings account necessary for international payroll are key factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow 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 easy as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating 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 require days of the week to try to browse them and actually see what was going on and sort of shot to return to everyone so carrying on look why do business select to primary different checking account there are Papaya Global Track Vacation organizations out there doing precisely this for particular countries and I’ve worked in a business or lots of services doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we do not 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 amount that we are I think numerous factors one is it’s the standard I believe individuals have actually got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a process that needs looking at it needs altering however eventually individuals are really stuck with what they’re familiar
with ideal um modification is a hard thing all of us do not like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping numerous savings account but there’s a substantial quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is substantial however I think the honest response is modification um individuals have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think 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 taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does posture several challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Track Vacation