Over the last five or six years …Papaya Global Year End 2021… functions on the service provider side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number 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 sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very bleak and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and handling them becomes a growing number of complicated Worldwide organizations are looking to discover Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment viewpoint lots of companies maintain different savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve different bank accounts sometimes in various countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies improve the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and find how streamlining international payroll payments can transform them from a troublesome task into a strategic property.
Handling payroll globally is a difficult job due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The large number of workers and companies adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and an absence of integration, causing disparities and inadequacies. Regardless 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 by hand, typically utilizing pen and paper. This webinar objectives to supply insights and options to streamline and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a company invests in international payroll the less of an image they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors badly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the information is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they depend on the required numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be consisted of best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 complexity anywhere you look best eventually constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 allowing us to kind of move on with that it likewise as well to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely crucial that payroll and finance teams work closer together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 typically 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 people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by businesses across the world so again you’re just seeking to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or real tough sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would certainly state that the larger 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 teams feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you know 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 rightly as you stated payroll is the single greatest liability that any organization has from an expense viewpoint from an effect viewpoint on staff members it is absolutely important 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 biggest damaging impact on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been surprised entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all find out 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 believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent initial step um offering an end-to-end payroll service for your workers internationally once again I believe is another huge um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and savings account they need for their Worldwide 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
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 easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine 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 but it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and type of try to return to everybody so moving on look why do companies choose to primary separate bank accounts there are Papaya Global Year End 2021 businesses out there doing precisely this for particular countries and I have actually operated in a service or lots of companies doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe 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 got so used to we require a new checking account we open an entity and appropriately 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 simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it needs changing however ultimately individuals are extremely stuck with what they’re familiar
with best um change is a difficult thing we all do not like change um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving several savings account but there’s a huge amount of complexity opts for setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is substantial but I think the sincere response is change um people haven’t had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or two there is a lot to keep track of and this approach does pose several obstacles 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 changed 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 employees you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End 2021