Over the last five or six years …New Papaya Global Update 2019 Issues… functions on the supplier side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing 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 everybody originates 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 really bleak and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for services running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to optimize working capital, and find how enhancing international payroll payments can change them from a troublesome job into a strategic property.
Managing payroll globally is a complicated job due to numerous regulations, compliance requirements, information security concerns, and banking rules. The large variety of employees and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and a lack of integration, causing inconsistencies and inadequacies. Despite residing in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to supply insights and options to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of global businesses have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors poorly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they depend on the essential 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 difficulties company face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require to be included 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 nation 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 have to pay from the consumer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to sort of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work closer together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry 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 data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to add to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by companies across the world so once again you’re just aiming to add increasingly more payments to this currently intricate 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 challenges or genuine challenging type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually 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 know long gone are the times where we require to produce extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era 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 difficult as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from an expense point of view from an effect perspective on workers it is absolutely critical 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 need to be done right it has the most significant destructive impact on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout 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 things is absolutely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is an excellent initial step um supplying an end-to-end payroll option for your employees internationally again I believe is another huge um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and minimizing the variety of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we understand 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 everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and sort of shot to return to everybody so proceeding appearance why do companies pick to main separate checking account there are New Papaya Global Update 2019 Issues businesses out there doing exactly this for specific nations and I’ve worked in a service or many businesses doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we do not have to and anybody 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 think lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires changing however ultimately people are really stuck with what they’re familiar
with right um modification is a hard thing all of us don’t like change um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving several savings account however there’s a substantial amount of intricacy goes with establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is big but I think the honest response is change um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to monitor and this technique does pose several obstacles um so Johnny could you inform us about those difficulties yeah obviously 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you New Papaya Global Update 2019 Issues