Over the last five or six years …Papaya Global Year End 2018 Deadline… roles on the company side and also on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually 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 drizzling here it’s extremely very uninspiring and I want I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll also discuss a recap which needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and managing them becomes a growing number of complicated International organizations are looking to discover Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint numerous organizations preserve different checking account just for payroll while some have numerous accounts in various nations does it make sense for companies to maintain separate savings account often in different nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex procedures of
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, discover how business forecast payroll costs to enhance working capital, and discover how simplifying international payroll payments can transform them from a challenging job into a strategic possession.
Managing payroll globally is an overwhelming task due to different policies, compliance requirements, information security concerns, and banking rules. The sheer number of employees and companies contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and an absence of integration, causing disparities and inefficiencies. Regardless of residing in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to supply insights and services to simplify and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of international companies have expressed that they do not 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 data information entry errors inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is delivered to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a great question I always toss this back and say what is it what doesn’t 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 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 client’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to sort of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to contribute 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 again you’re just aiming to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or genuine difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any service has from a cost point of view from an impact viewpoint on staff members it is absolutely vital 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 greatest damaging result on people’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been astonished entering this Market type of the last five to ten years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has 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 see when things fail. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally too. Therefore, it is vital to guarantee that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the first Global Payments first payroll payment service is a great preliminary step towards providing a thorough payroll service for staff members worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and bank accounts essential for global payroll are key factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyway we know how how essential a role 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 everyone that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and sort of shot to return to everybody so moving on appearance why do companies pick to main separate checking account there are Papaya Global Year End 2018 Deadline services out there doing precisely this for specific nations and I’ve worked in a service 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 creating additional work for anybody where we do not need to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe people have actually got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it requires altering however eventually people are very stuck to what they recognize
with best um change is a challenging thing we all don’t like modification um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining multiple checking account but there’s a substantial quantity of intricacy chooses setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is big however I believe the truthful response is modification um individuals haven’t had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we’ve always 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 might almost be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose several obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Year End 2018 Deadline