Over the last 5 or 6 years …Papaya Global Training Leeds… roles on the company side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone 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 drizzling here it’s really very gloomy and I wish I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most significantly guidelines compliance data security and banking guidelines then there are the large numbers they add further intricacy the global Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming variety of different systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely very basic there’s no genuine consistency structure we’re residing in an era of tech however payroll has 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 simply blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on international payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes poorly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the average 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 all over the world payroll and payments don’t run smoothly if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be consisted of best and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link 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 technology is enabling us to kind of progress with that it also too to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on well-being and the payment landscape is ending up being progressively complex. Companies are continuously presenting new advantages and payment choices, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today’s technologically advanced age, there’s no validation for keeping cumbersome procedures. Payroll, the business’s greatest cost, need to be processed correctly and on time. Even slight hold-ups can adversely affect employees’ well-being and have far-reaching repercussions. For that reason, it’s critical to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think 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 definitely important that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a great first step um supplying an end-to-end payroll solution for your workers globally again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of businesses and reducing 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 regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of 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 implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how crucial a role 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 everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting 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 require days of the week to attempt to check out them and really see what was going on and sort of try to get back to everybody so proceeding look why do companies pick to primary different checking account there are Papaya Global Training Leeds organizations out there doing exactly this for particular countries and I have actually worked in a company or many organizations doing precisely that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and anybody that’s managing that process 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 require a new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs changing but ultimately individuals are extremely stuck with what they’re familiar
with best um change is a challenging thing all of us don’t like modification 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 obviously the benefits of having preserving multiple savings account but there’s a huge amount of complexity goes with establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is substantial but I think the honest answer is modification um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or so there is a lot to monitor and this technique does posture several challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I just did you switched our Business 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 International workers you are worthy of a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Training Leeds