Over the last five or six years …Papaya Global Pocket Guide 2022… functions on the provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join we all 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 currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 very really gloomy and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll also go over a recap and that needs to leave his time at the extremely very 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 end up being increasingly more common and handling them ends up being a growing number of complex International organizations are seeking to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective many organizations preserve separate bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain separate checking account sometimes in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business enhance the episode complex processes of
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to enhance working capital, and find how improving international payroll payments can transform them from a burdensome job into a tactical asset.
Managing payroll worldwide is a complicated job due to different regulations, compliance requirements, data security concerns, and banking rules. The sheer number of staff members and companies contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual processes, information silos, and an absence of combination, leading to inconsistencies and inadequacies. In spite of living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to supply insights and services to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more an organization invests in international payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to type of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work closer together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to add to kind of the level of intricacy there’s a growing number of benefits being organ or being used by organizations across the world so once again you’re just looking to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine challenging type of pay uses 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 job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an impact point of view on staff members it is definitely crucial 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 need to be done right it has the biggest detrimental effect on individuals’s well-being and numerous other elements if people aren’t paid uh I have actually always been impressed entering into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this sort 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 staff members or not um but eventually payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 definitely crucial that all of this stuff is done properly so leveraging the first International Payments first payroll payment solution is an excellent primary step um providing an end-to-end payroll option for your staff members internationally once again I think is another huge um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of services and minimizing the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand 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 procedures and also so picture sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing 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 held true um you ‘d require 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 bank accounts there are Papaya Global Pocket Guide 2022 companies out there doing precisely this for particular countries and I have actually operated in a business or lots of companies doing precisely that I can say it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t need to and any person that’s dealing with 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 quantity that we are I think many factors one is it’s the standard I believe individuals have got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have 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 range I think this is a procedure that requires taking a look at it requires altering however ultimately people are really stuck to what they recognize
with best um change is a tough thing all of us do not like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining several savings account however there’s a huge quantity of complexity goes with establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is substantial but I think the truthful response is change um individuals have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe 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 taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or so there is a lot to keep an eye on and this method does posture several difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched 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 International staff members you are worthy of a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Pocket Guide 2022