Over the last five or 6 years …Papaya Global Course Bracknell And Wokingham College… functions on the supplier side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two 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 just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 really very bleak and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they include additional complexity the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s typically a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very very standard there’s no genuine consistency framework we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the essential several 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 service face when they’re paying to workers or otherwise that’s a great concern I always toss this back and say what is it what does not need to be included right and what does
it require to be thought about there’s differing 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 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 customer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely important however everywhere 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 look at the type of link in 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 permitting us to type of move on with that it also too to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being offered by companies throughout the world so once again you’re simply seeking to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or genuine challenging type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams 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 but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run in they simply 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 an era that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost perspective from an effect point of view on staff members it is definitely vital that it’s done properly and on time so what we suggest 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 harmful effect on individuals’s wellness and numerous other aspects if people aren’t paid uh I’ve constantly been surprised entering into this Market type of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just see when things go wrong. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. Therefore, it is important to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first International Payments first payroll payment option is a fantastic initial action towards providing a thorough payroll option for staff members worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and bank accounts required for global payroll are key consider accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we understand how how crucial a function 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 everybody that’s associated with those processes and likewise 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 numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and type of shot to return to everybody so proceeding appearance why do companies choose to main separate checking account there are Papaya Global Course Bracknell And Wokingham College organizations out there doing exactly this for particular countries and I’ve operated in a service or many companies doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and any person that’s managing 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 think numerous factors one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and rightly 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 requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually 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 process that requires taking a look at it needs altering but ultimately people are extremely stuck to what they recognize
with right um modification is a tough thing we all do not like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving multiple bank accounts however there’s a huge amount of intricacy chooses establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is big but I think the honest answer is modification um individuals have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century approximately there is a lot to monitor and this approach does present a number of challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Course Bracknell And Wokingham College