Over the last five or 6 years …Papaya Global Courses Manchester… functions on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting 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 everybody originates from and I actually 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 raining here it’s extremely very dreary and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also review a wrap-up and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and managing them ends up being more and more intricate Global companies are seeking to discover Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment standpoint lots of companies maintain separate savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve different savings account in some cases in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments accurately 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 checking account how business properly forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add further intricacy the worldwide Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s typically an overwhelming number of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very extremely basic there’s no real consistency structure we’re residing in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on global payroll the less of an image they see an absence of visibility also extends to payroll payments and failure to accurately 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 need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors badly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average expense of a global 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 smoothly if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 any place you look right ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to type of move on with that it also also to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance teams work better together than ever um I’m always 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 doesn’t work in the payroll profession 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 often split and cut up um ultimately 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 however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on well-being and the payment landscape is becoming significantly detailed. Companies are constantly presenting brand-new benefits and payment options, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today’s highly innovative era, there’s no reason for preserving troublesome treatments. Payroll, the business’s greatest expense, need to be processed correctly and on time. Even small hold-ups can negatively impact staff members’ wellness and have far-reaching consequences. Therefore, it’s important to focus on accurate and timely payments.
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is a terrific first step um offering an end-to-end payroll service for your employees internationally once again I believe is another huge um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of services and lowering the variety of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever 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 quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know 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 simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh absolutely I can’t think of 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 try to get back to everyone so proceeding appearance why do business select to primary different savings account there are Papaya Global Courses Manchester services out there doing precisely this for specific countries and I’ve operated in a company or numerous services doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think people have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing but ultimately people are extremely stuck with what they recognize
with right um change is a tough thing we all don’t like change um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining multiple savings account but there’s a huge quantity of intricacy goes with establishing a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is substantial however I believe the sincere response is change um individuals haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect 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 moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to track and this method does position several obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety 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 International workers you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Courses Manchester