Over the last 5 or 6 years …Add Reimbursement To Papaya Global Payroll… functions on the company side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is 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 really extremely bleak and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll likewise go over a recap and that ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more typical and handling them becomes a growing number of complex Global organizations are looking to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment perspective many organizations keep different checking account just for payroll while some have several accounts in different nations does it make good sense for business to maintain separate savings account sometimes in different countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business simplify the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and find how simplifying global payroll payments can transform them from a burdensome task into a strategic property.
Managing payroll globally is a difficult job due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The large number of staff members and businesses 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 services worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and an absence of integration, leading to inconsistencies and inadequacies. Despite residing in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on global payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide businesses have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors improperly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a great concern I always toss this back and state what is it what does not need to be consisted of ideal and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is definitely crucial 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 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 definitely essential and technology is enabling us to kind of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being used by organizations throughout the world so again you’re simply seeking to add increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine tough type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you know 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 need to produce additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and a period 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 concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense perspective from an effect viewpoint on employees it is definitely vital 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 damaging effect on individuals’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this kind of webinar has actually been told 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 workers or not um but ultimately payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a fantastic initial step um providing an end-to-end payroll option for your staff members worldwide once again I think is another huge um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of businesses and minimizing the number of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually 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 grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 picture sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and type of try to get back to everyone so moving on appearance why do companies choose to main different checking account there are Add Reimbursement To Papaya Global Payroll companies out there doing precisely this for specific countries and I’ve worked in a service or lots of companies doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe individuals have actually got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look 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 taking a look at it needs changing however eventually people are really stuck with what they’re familiar
with right um modification is a tough thing all of us don’t like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining several bank accounts however there’s a huge amount of complexity chooses establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is huge however I believe the sincere answer is modification um people haven’t been able to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to monitor and this technique does pose a number of challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I just did you changed 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 International staff members you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Add Reimbursement To Papaya Global Payroll