Over the last five or six years …Papaya Global Training Courses Uk… roles on the company 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 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 fascinating and I can see it going on currently simply to hear where everybody 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 remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll also discuss a recap which must leave his time at the really very 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 Worldwide workforces end up being increasingly more common and handling them ends up being more and more complex Worldwide companies are seeking to discover Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment standpoint lots of companies keep separate savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain different bank accounts sometimes in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most notably policies compliance data security and banking guidelines then there are the large numbers they add more complexity the international Labor force is presently 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 factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s frequently an overwhelming variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely very fundamental there’s no genuine consistency framework we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
about it to offer 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 offers me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide services have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the data is shipped to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if however some children 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 absolutely basic and technology is permitting us to sort of move on with that it likewise also to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the payment landscape is ending up being progressively elaborate. Organizations are constantly presenting new advantages and payment choices, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technologically advanced age, there’s no justification for preserving troublesome treatments. Payroll, the business’s most significant expenditure, need to be processed properly and on time. Even minor delays can negatively affect workers’ well-being and have far-reaching consequences. For that reason, it’s important to focus on precise and timely payments.
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Global Payments first payroll payment solution is a terrific initial action towards supplying a comprehensive payroll solution for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts required for worldwide payroll are crucial factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyhow we understand 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 processes and also so think of sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of shot to get back to everybody so proceeding look why do companies choose to primary separate savings account there are Papaya Global Training Courses Uk businesses out there doing exactly this for specific nations and I’ve worked in a company or numerous businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I think individuals have actually got so used to we require a new checking account we open an entity and rightly so you need 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 embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it requires altering however eventually individuals are extremely stuck with what they’re familiar
with best um modification is a challenging thing all of us don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving several bank accounts but there’s a substantial amount of intricacy opts for setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is big however I think the truthful response is modification um people haven’t had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep an eye on and this approach does pose several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety 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 seems like our CFO has acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Training Courses Uk