Over the last 5 or 6 years …Papaya Global Year End 2019 Guide… functions on the provider side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two 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 everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to enhance working capital, and find how improving worldwide payroll payments can change them from a challenging task into a tactical property.
Handling payroll globally is a complicated job due to different policies, compliance requirements, data security concerns, and banking rules. The sheer variety of employees and services adds to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual processes, information silos, and a lack of integration, causing inconsistencies and inefficiencies. Regardless of residing in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to offer insights and solutions to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service invests in international payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of global organizations have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is delivered to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not require to be included ideal and what does
it require to be thought of 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is definitely critical however everywhere 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 look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to type of progress with that it also too to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m always amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by organizations throughout the world so again you’re simply wanting to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay people I think yeah I mean over the last well yeah a number of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things however 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 produce extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from an expense point of view from an impact point of view on employees it is absolutely crucial 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 greatest detrimental effect on people’s wellness and numerous other elements if individuals aren’t paid uh I have actually constantly been amazed coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. Therefore, it is vital to ensure that jobs like Wi-Fi International and other vital matters are done properly. Using the very first Worldwide Payments very first payroll payment service is a fantastic preliminary step towards offering an extensive payroll solution for employees worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account necessary for global payroll are crucial factors in achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we know how how essential a role 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 easy as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t think of 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 sort of try to return to everybody so carrying on look why do business select to main separate checking account there are Papaya Global Year End 2019 Guide organizations out there doing exactly this for particular nations and I’ve worked in a business or many businesses doing exactly that I can say it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we do not have to and any person that’s handling 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 lots of reasons one is it’s the standard I think people have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a process that requires taking a look at it needs changing but ultimately people are very stuck to what they recognize
with right um change is a tough thing we all don’t like modification um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining several savings account but there’s a substantial amount of complexity chooses setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is huge however I believe the truthful answer is change um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or two there is a lot to monitor and this approach does position a number of difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I simply did you switched our Enterprise 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 better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End 2019 Guide