Over the last 5 or 6 years …How To Skip A Month Of Payroll Papaya Global… functions on the provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days 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 everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very dreary 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 difficulty years of handling Global payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a wrap-up which should leave his time at the really extremely 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 International labor forces become more and more common and managing them ends up being more and more intricate Worldwide companies are looking to find Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment standpoint numerous organizations preserve separate savings account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve separate bank accounts in some cases in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies improve the episode complex procedures of
Making sure accurate, efficient, and prompt payroll payments is a complex obstacle for companies running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to optimize working capital, and find how streamlining international payroll payments can change them from a difficult task into a tactical possession.
Managing payroll globally is a difficult job due to different guidelines, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and organizations adds to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of integration, causing inconsistencies and inefficiencies. Regardless of residing in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to offer insights and services to simplify and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on worldwide payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international companies have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors poorly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is delivered to the wrong place the average expense 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 money around the world payroll and payments do not run smoothly if they rely on the essential numerous procedures 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 difficulties organization face when they’re making payments to employees or otherwise that’s a great question I always throw this back and state what is it what does not need to be included ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely important but all over you look with payroll payment they resemble 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to type of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to add to kind of the level of complexity there’s increasingly more benefits being organ or being offered by services across the world so again you’re simply wanting to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or genuine tough sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly state that the larger a service 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 groups feeding information into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate 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 a period of tech and an age that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any business has from an expense point of view from an impact point of view on employees it is absolutely important that it’s done properly 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 detrimental result on people’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been surprised coming into this Market type of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic 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 just a routine job. This is how it’s perceived externally also. For that reason, it is essential to guarantee that tasks like Wi-Fi International and other important matters are done properly. Utilizing the very first Global Payments first payroll payment solution is an excellent initial step towards supplying a detailed payroll option for employees worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account necessary for global payroll are crucial factors in achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we understand 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 easy as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying 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 require days of the week to attempt to browse them and actually see what was going on and sort of try to get back to everybody so moving on appearance why do business choose to main different bank accounts there are How To Skip A Month Of Payroll Papaya Global services out there doing exactly this for specific countries and I’ve operated in a company or many services doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we do not have to and anyone that’s dealing with 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 amount that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires changing however eventually people are very stuck to what they’re familiar
with right um modification is a challenging thing all of us do not like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving numerous savings account however there’s a substantial quantity of complexity chooses setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is huge but I think the truthful response is change um individuals haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to monitor and this approach does pose several obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just did you switched our Enterprise 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 employees you are worthy of a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you How To Skip A Month Of Payroll Papaya Global