Over the last five or six years …Papaya Global Updates 2020… functions on the provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everybody another couple 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 rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly 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 really really uninspiring and I want I was elsewhere at this moment in time alright 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 Global payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, discover how business forecast payroll costs to enhance working capital, and discover how improving global payroll payments can change them from a difficult task into a tactical property.
Handling payroll internationally is a daunting task due to various guidelines, compliance requirements, information security issues, and banking guidelines. The large variety of employees and companies contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of combination, resulting in inconsistencies and inadequacies. In spite of residing in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to provide insights and options to simplify and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in global payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of international companies have actually expressed 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 poor HCM data information entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the data is shipped to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they rely on the essential multiple processes 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 difficulties company face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be included ideal and what does
it require to be considered there’s differing Bank information 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 have to pay from the consumer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble incredibly payments no if but 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to sort of move forward with that it also too to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations across the world so again you’re simply looking to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would absolutely state 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 in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any business has from an expense point of view from an effect perspective on staff members it is absolutely important 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 have to be done right it has the biggest harmful effect on individuals’s wellness and many other aspects if people aren’t paid uh I’ve constantly been astonished entering this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has been informed thank you for processing my payroll properly 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 find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a terrific first step um providing an end-to-end payroll option for your employees globally again I believe is another big um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of businesses and lowering the number of tools platforms and checking account they need for their Global 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’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how important 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 everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to return to everyone so carrying on appearance why do companies select to primary separate savings account there are Papaya Global Updates 2020 organizations out there doing exactly this for particular nations and I have actually operated in a business or lots of organizations doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing extra work for anybody where we don’t need to and anyone 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 quantity that we are I believe lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs changing however eventually individuals are extremely stuck with what they recognize
with best um modification is a challenging thing all of us do not like modification um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving numerous bank accounts however there’s a substantial amount of complexity chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is substantial but I think the honest response is change um individuals haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to keep track of and this approach does position a number of challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Updates 2020