Over the last 5 or 6 years …Papaya Global Default Driver Printer Errors… functions on the service provider side and also on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather 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 everyone originates from and I really do hope it’s much sunnier than it is 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 really really uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we’ll also discuss a recap and that must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more common and handling them ends up being more and more intricate International companies are wanting to find Solutions and new ways to improve processes specifically from a payroll and cross-border payment standpoint numerous companies keep separate bank account just for payroll while some have several accounts in different nations does it make good sense for business to maintain separate bank accounts sometimes in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies simplify the episode complex procedures of
Making sure precise, efficient, and timely payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to enhance working capital, and discover how streamlining international payroll payments can transform them from a troublesome job into a strategic asset.
Handling payroll worldwide is a difficult task due to different policies, compliance requirements, data security issues, and banking rules. The sheer variety of workers and services contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and an absence of integration, causing disparities and inadequacies. Despite residing in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to offer insights and solutions to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business spends on international payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international organizations have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re paying to workers or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t require to be consisted of best and what does
it require 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type 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 basic and technology is allowing us to kind of move on with that it also as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession 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 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to contribute to type of the level of complexity there’s more and more advantages being organ or being provided by organizations across the world so once again you’re simply seeking to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or real difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number 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 details into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from a cost point of view from an effect viewpoint on workers it is definitely 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 need to be done right it has the greatest damaging result on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually constantly been surprised entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll solution for your employees worldwide again I think is another huge um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are definitely key to success success of services and decreasing the number of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 easy as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na say imagine 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 discussing numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everyone so moving on look why do companies choose to primary different bank accounts there are Papaya Global Default Driver Printer Errors businesses out there doing precisely this for specific countries and I have actually worked in a company or lots of services doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anyone that’s handling that process 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 many factors one is it’s the requirement I believe individuals have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I believe this is a procedure that needs looking at it needs altering however eventually people are really stuck to what they recognize
with ideal um change is a difficult thing we all do not like change um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving several savings account but there’s a big quantity of intricacy goes with setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is substantial however I think the sincere response is change um people haven’t had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or so there is a lot to track and this approach does posture a number of challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed our Enterprise 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 should have a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Default Driver Printer Errors