Over the last five or 6 years …Papaya Global Year End Processing On Sunday… roles on the service provider side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody 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 fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody 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 raining here it’s extremely extremely bleak and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll likewise review a recap and that ought to leave his time at the very really 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 Worldwide labor forces become more and more typical and handling them ends up being more and more intricate Global companies are aiming to find Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment perspective numerous organizations keep different savings account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve separate bank accounts often in various countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business enhance the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and find how enhancing international payroll payments can transform them from a troublesome job into a tactical possession.
Managing payroll internationally is a complicated task due to various policies, compliance requirements, data security issues, and banking rules. The large variety of staff members and businesses adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual processes, information silos, and an absence of integration, causing inconsistencies and inefficiencies. Regardless of living in an age of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to supply insights and options to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on global payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide businesses have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be consisted of right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to sort of move on with that it likewise too to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance groups work closer together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market 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 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 reside in and well-being being increasingly more important to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being used by businesses across the world so once again you’re just wanting to add more and more 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 genuine obstacles or real challenging kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from a cost point of view from an effect viewpoint on employees it is definitely 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 have to be done right it has the biggest damaging result on individuals’s wellness and lots of other aspects if people aren’t paid uh I have actually always been surprised entering into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment solution is a terrific primary step um supplying an end-to-end payroll service for your staff members internationally again I think is another huge um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of companies and lowering the variety of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway 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 simple as possible for everybody that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of 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 however it would absolutely be a fascinating task trying to clean all those up for sure oh definitely 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 try to check out them and in fact see what was going on and type of try to get back to everyone so carrying on appearance why do business choose to main separate checking account there are Papaya Global Year End Processing On Sunday services out there doing precisely this for specific countries and I’ve worked in an organization or lots of organizations doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a process that requires taking a look at it requires altering however eventually people are very stuck with what they recognize
with right um change is a challenging thing all of us do not like change 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 things um I understand certainly the advantages of having maintaining numerous checking account but there’s a huge amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is substantial but I believe the truthful response is modification um people haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to track and this method does posture a number of obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Year End Processing On Sunday