Over the last 5 or six years …Papaya Global Paying An Employee Once… functions on the company side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting 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 comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very 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 difficulty years of managing International payroll why business maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a wrap-up which must leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and managing them ends up being a growing number of complex Global organizations are aiming to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment viewpoint many organizations preserve separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain different checking account sometimes in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international business streamline the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can transform them from a troublesome task into a tactical possession.
Handling payroll globally is a challenging job due to various regulations, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically lead to manual processes, data silos, and a lack of combination, causing inconsistencies and inefficiencies. Regardless of residing in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to offer insights and options to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on global payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide organizations have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be consisted of right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to kind of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely imperative that payroll and financing groups work closer together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation 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 data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to add to type of the level of intricacy there’s increasingly more benefits being organ or being used by businesses across the world so again you’re simply wanting to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or real challenging sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any company has from an expense viewpoint from an effect point of view on staff members it is definitely critical that it’s done correctly and on time so what we suggest 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 destructive result on people’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been amazed coming into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply 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 stuff is absolutely essential that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is an excellent primary step um providing an end-to-end payroll service for your employees internationally once again I think is another substantial um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of companies and minimizing the variety of tools platforms and checking account they require for their Worldwide 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 five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how crucial a function 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 simple as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying 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 need days of the week to attempt to browse them and actually see what was going on and kind of try to return to everybody so moving on look why do business pick to main separate savings account there are Papaya Global Paying An Employee Once businesses out there doing exactly this for specific countries and I’ve operated in an organization or many companies doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not have to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however 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 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 many other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs looking at it requires altering but ultimately individuals are very stuck to what they recognize
with best um modification is a hard thing all of us don’t like change um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving multiple savings account but there’s a substantial quantity of complexity opts for establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big but I believe the sincere answer is modification um individuals haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does position a number of difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Paying An Employee Once