Over the last five or six years …Papaya Global How To Entry Figures Carried Forward… functions on the supplier side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another couple of uh well one of 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 fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 very very dreary and I want I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also review a recap which 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 Global labor forces end up being increasingly more typical and managing them ends up being increasingly more intricate Worldwide organizations are aiming to discover Solutions and new ways to improve procedures particularly from a payroll and cross-border payment perspective lots of companies preserve separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain separate savings account sometimes in various countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies simplify the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to optimize working capital, and discover how simplifying global payroll payments can transform them from a burdensome job into a strategic property.
Handling payroll internationally is an overwhelming job due to different policies, compliance requirements, data security concerns, and banking rules. The large number of employees and companies contributes to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual processes, information silos, and an absence of combination, causing disparities and inadequacies. In spite of living in an age of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a business spends on international payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 complexity anywhere you look best ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing us to kind of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to add to type of the level of intricacy there’s more and more benefits being organ or being used by companies across the world so again you’re just wanting to include a growing number of payments to this currently complex 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 real difficulties or real challenging sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details 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 doesn’t necessarily require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any service has from a cost perspective from an impact perspective on employees it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging result on individuals’s well-being and lots of other factors if people aren’t paid uh I’ve always been surprised entering into this Market kind of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just notice when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally too. Therefore, it is essential to ensure that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first International Payments first payroll payment option is a terrific initial action towards offering a detailed payroll solution for workers worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and savings account necessary for global payroll are essential factors in attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we know how how crucial 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 simple as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and sort of try to get back to everyone so proceeding appearance why do business pick to main separate savings account there are Papaya Global How To Entry Figures Carried Forward organizations out there doing precisely this for specific nations and I’ve worked in a business or numerous businesses doing precisely 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 producing additional work for anybody where we do not need 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 standard I believe people have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing however ultimately individuals are very stuck to what they’re familiar
with best um modification is a hard thing all of us don’t like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving numerous bank accounts however there’s a huge quantity of intricacy goes with setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is big however I believe the sincere response is change um individuals have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or so there is a lot to keep an eye on and this method does present several difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I simply did you switched 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 Global workers you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global How To Entry Figures Carried Forward