Over the last five or 6 years …Papaya Global Online Training… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates 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 extremely bleak and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most notably guidelines compliance data security and banking rules then there are the sheer numbers they add further complexity the international Workforce is presently three and a half billion individuals 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 consider that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there’s frequently a frustrating variety of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely basic there’s no genuine consistency structure we’re residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes poorly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the incorrect location the typical expense of a worldwide information 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 efficiently if they count 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 challenges organization face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have 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 ideal ultimately constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely payments no if but some infants 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 recognition that payroll payments are definitely basic and technology is enabling us to kind of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people state I’ve divided 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 divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on well-being and the payment landscape is becoming significantly intricate. Services are continuously introducing brand-new benefits and payment alternatives, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically sophisticated age, there’s no justification for maintaining troublesome treatments. Payroll, the business’s biggest cost, need to be processed correctly and on time. Even small hold-ups can negatively impact staff members’ well-being and have significant consequences. Therefore, it’s critical to focus on accurate and prompt payments.
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been told 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 a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the very first International Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll solution for your employees internationally once again I believe is another big um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and minimizing the variety of tools platforms and bank accounts they need for their Worldwide 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 have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyhow 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 processes and also so envision sorry I’m just I was just gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and kind of try to get back to everybody so moving on appearance why do companies select to primary separate savings account there are Papaya Global Online Training businesses out there doing precisely this for specific countries and I’ve operated in a service or numerous businesses doing exactly that I can state it doesn’t always feel efficient and it does develop 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 dealing with 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 think many factors one is it’s the requirement I think people have actually got so used to we require a new checking account we open an entity and rightly so you require 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 norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs altering however eventually people are extremely stuck to what they recognize
with ideal um change is a tough thing all of us do not like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining numerous checking account however there’s a huge quantity of complexity opts for establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is huge however I think the sincere answer is modification um people have not had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings 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 change but we have actually always done it that way is no genuine reason 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 approximately there is a lot to keep track of and this technique does position several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Online Training