Over the last 5 or six years …Papaya Global Clocking Systems… roles on the company side and also on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind 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 type 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 sunshine is it it’s not no it’s it’s drizzling here it’s very really dreary 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 looking at the challenge years of handling Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll likewise review a recap which needs to leave his time at the really 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 labor forces end up being more and more typical and managing them ends up being more and more complex Global companies are seeking to find Solutions and new methods to improve procedures specifically from a payroll and cross-border payment standpoint numerous companies preserve different savings account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve separate checking account often in different countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies streamline the episode complex procedures of
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and find how streamlining global payroll payments can transform them from a difficult task into a tactical asset.
Handling payroll internationally is a daunting task due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and services contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, data silos, and a lack of integration, resulting in disparities and inefficiencies. Regardless of living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and services to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of a picture they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost 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 poor HCM information information entry errors badly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and state what is it what does not require to be included right and what does
it need to be thought about there’s varying Bank information 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 capabilities 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 intricacy wherever you look best ultimately constructing a knowledge base is absolutely vital but all over 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 type 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 definitely essential and technology is enabling us to kind of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely necessary that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure 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 essential to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being used by organizations throughout the world so once again you’re just seeking to add a growing number of payments to this already complex landscape so if you sort 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 real obstacles or genuine tough type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things but 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 require to develop extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost perspective from an effect point of view on workers it is definitely important that it’s done correctly and on time so what we imply 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 result on individuals’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been amazed entering this Market kind of the last five to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally as well. For that reason, it is essential to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done properly. Using the very first International Payments very first payroll payment service is a fantastic initial step towards offering a comprehensive payroll service for staff members worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and bank accounts essential for global payroll are key consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we know 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 everybody that’s involved in those processes and likewise so envision sorry I’m just I was just gon na say think of 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 potentially Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh definitely I can’t picture 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 in fact see what was going on and kind of shot to get back to everyone so moving on appearance why do business pick to primary separate savings account there are Papaya Global Clocking Systems services out there doing precisely this for specific nations and I’ve operated in a business or lots of businesses doing precisely that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we don’t need to and anybody that’s handling 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 amount that we are I think numerous factors one is it’s the standard I believe individuals have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires altering but ultimately individuals are extremely stuck to what they recognize
with ideal um modification is a difficult thing all of us do not like change um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping numerous savings account but there’s a big quantity of intricacy goes with establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is huge however I think the truthful answer is modification um people haven’t had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect 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 carrying on 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 approach does posture numerous challenges um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I simply did you changed 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 Global workers you should have a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Clocking Systems