Over the last five or six years …Papaya Global Training… functions on the provider side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well one of 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 quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly 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 extremely very bleak and I want 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 taking a look at the obstacle years of handling International payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise go over a wrap-up and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and handling them ends up being increasingly more complicated International companies are wanting to discover Solutions and new ways to streamline processes particularly from a payroll and cross-border payment standpoint lots of organizations preserve different savings account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve separate bank accounts often in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a troublesome job into a strategic asset.
Managing payroll internationally is a difficult task due to different policies, compliance requirements, information security concerns, and banking rules. The large number of staff members and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of integration, resulting in inconsistencies and inefficiencies. In spite of residing in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to offer insights and options to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see an absence of presence also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global organizations have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes poorly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the wrong place the average cost 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 world payroll and payments don’t run efficiently if they count on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what does not require to be consisted of right and what does
it require to be thought of there’s differing 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 need to pay from the customer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 absolutely essential and technology is permitting us to kind of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to add to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by companies throughout the world so once again you’re just wanting to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or real difficult sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely say that the bigger a business 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 teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create extra handoffs at the same times 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 a period 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 hard as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from a cost viewpoint from an impact perspective on workers it is definitely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging effect on individuals’s well-being and many other elements if people aren’t paid uh I’ve constantly been amazed entering into this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only discover when things go wrong. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally as well. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Worldwide Payments very first payroll payment solution is a terrific preliminary step towards providing a detailed payroll solution for staff members worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and checking account required for international payroll are essential consider accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyway we understand how how important 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 easy as possible for everyone that’s associated with those processes and also so picture sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh definitely 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 look through them and actually see what was going on and type of try to get back to everyone so moving on look why do companies choose to primary different savings account there are Papaya Global Training services out there doing exactly this for particular nations and I’ve operated in a service or lots of organizations doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I think people have actually got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually 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 numerous other methods um to to sort of do it so I believe there’s a range I think this is a process that needs looking at it requires changing but ultimately people are very stuck to what they recognize
with right um modification is a tough thing all of us don’t like change um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping numerous bank accounts but there’s a substantial quantity of complexity goes with establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is huge but I think the honest answer is modification um people have not had the ability to change or have not had always the understanding to truly make that change into alternate Solutions other than opening a bank 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 alter but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this technique does pose numerous challenges um so Johnny could you tell us about those difficulties yeah naturally 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 manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Training