Over the last 5 or six years …Free Online Papaya Global Course… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well among 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 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 really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really gloomy and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance data security and banking rules then there are the large numbers they add more complexity the global Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll model there’s often an overwhelming number of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely really basic there’s no genuine consistency framework we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a service invests in worldwide payroll the less of an image they see an absence of presence also reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors poorly interacted hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought about there’s varying Bank details 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 need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if but some babies 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to sort of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work more detailed together than ever um I’m always amazed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split 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 procedure it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on wellness and the compensation landscape is becoming progressively elaborate. Organizations are constantly introducing brand-new advantages and payment choices, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and traffic jams. In my viewpoint, this does not need to be the case. In today’s highly sophisticated age, there’s no reason for preserving cumbersome treatments. Payroll, the business’s biggest expense, need to be processed properly and on time. Even minor delays can adversely affect staff members’ wellness and have far-reaching consequences. For that reason, it’s important to prioritize accurate and timely payments.
payroll team get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 things is definitely important that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a terrific first step um offering an end-to-end payroll service for your staff members internationally once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and savings account they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how important a function 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 also so imagine sorry I’m simply I was simply gon na say picture 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 hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t imagine 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 actually see what was going on and kind of shot to get back to everybody so proceeding look why do business choose to main separate bank accounts there are Free Online Papaya Global Course services out there doing precisely this for particular nations and I have actually worked in an organization or lots of companies doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new savings 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 standard individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it requires changing but ultimately individuals are extremely stuck with what they recognize
with ideal um modification is a difficult thing all of us do not like change um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving several checking account however there’s a big quantity of intricacy goes with establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big however I think the honest response is modification um people have not been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however 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 could nearly be figured out to be the next Century or so there is a lot to monitor and this method does present a number of challenges um so Johnny might you inform us about those challenges yeah obviously 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 Worldwide staff members you should have a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Free Online Papaya Global Course