Over the last five or six years …Papaya Global Online Payslips Setup… roles on the service provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind 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 everybody comes from and I actually 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 very very gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession 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 effectively securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll design there’s often a frustrating variety of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or very extremely fundamental there’s no real consistency framework we’re living in an age of tech however 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 which just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide businesses 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 mistakes are due to time reporting poor HCM information data entry errors inadequately interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be included ideal and what does
it require to be thought of there’s differing Bank information 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 consumer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to kind of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Bank 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 constantly surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone 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 typically 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 individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on wellness and the payment landscape is becoming increasingly complex. Organizations are continuously presenting new benefits and payment options, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s technically innovative age, there’s no justification for keeping cumbersome treatments. Payroll, the company’s biggest expenditure, must be processed properly and on time. Even minor delays can negatively affect employees’ wellness and have significant repercussions. Therefore, it’s vital to prioritize accurate and timely payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just 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 stuff is definitely important that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific initial step um offering an end-to-end payroll option for your employees globally again I think is another huge um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of companies and minimizing the number of tools platforms and checking account they need 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how essential 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 easy as possible for everybody that’s involved in those procedures and also so envision sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job 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 require days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everybody so carrying on look why do companies select to main separate checking account there are Papaya Global Online Payslips Setup services out there doing exactly this for specific nations and I’ve operated in a business or many organizations doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and any person that’s managing that procedure 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 believe lots of factors one is it’s the requirement I think individuals have got so used to we need a brand-new bank account we open an entity and appropriately so you need 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 embraced and continue to do over years and years passed by to add to that people have 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 think this is a process that needs looking at it needs changing however ultimately people are extremely stuck with what they’re familiar
with ideal um change is a hard thing all of us don’t like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping several bank accounts however there’s a big quantity of complexity goes with establishing a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is big but I believe the sincere response is modification um people have not had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep track of and this method does present several difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I just did you changed 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 since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Online Payslips Setup