Over the last 5 or six years …Process Date On Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite 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 comes from and I really 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 uninspiring and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll likewise go over a recap which must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and managing them becomes increasingly more complicated Worldwide organizations are wanting to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment perspective many companies preserve different checking account just for payroll while some have several accounts in various nations does it make good sense for business to preserve different savings account in some cases in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex processes of
Making sure accurate, efficient, and prompt payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to enhance working capital, and discover how enhancing worldwide payroll payments can transform them from a difficult job into a strategic possession.
Handling payroll globally is an overwhelming task due to different regulations, compliance requirements, information security issues, and banking rules. The large variety of employees and organizations adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual processes, data silos, and an absence of integration, causing inconsistencies and ineffectiveness. 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 by hand, often utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in global payroll the less of an image they see an absence of presence also extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of international companies have 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 improperly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they count 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 constantly toss this back and state what is it what does not require to be consisted of right and what does
it need to be thought about there’s varying Bank details 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 permitting us to kind of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re just looking to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine tough sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments functions 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 but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era 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 business has from an expense perspective from an effect perspective on employees it is absolutely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful impact on individuals’s wellness and many other elements if people aren’t paid uh I’ve always been surprised coming into this Market type of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. For that reason, it is necessary to guarantee that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the first Worldwide Payments very first payroll payment solution is a terrific initial action towards offering an extensive payroll service for staff members worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and bank accounts essential for global payroll are essential factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as prepared. Ultimately, 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 involved in those processes and likewise so imagine sorry I’m just I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job 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 really see what was going on and type of try to return to everyone so proceeding appearance why do companies pick to primary different checking account there are Process Date On Papaya Global services out there doing exactly this for particular nations and I’ve worked in a business or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new checking 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 just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs changing but ultimately individuals are very stuck to what they’re familiar
with ideal um modification is a difficult thing all of us don’t like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving numerous checking account but there’s a substantial amount of complexity goes with establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is huge however I believe the honest response is change um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to keep track of and this method does posture several challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I just did you switched our Enterprise 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 Global employees you deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Process Date On Papaya Global