Over the last five or six years …Papaya Global Hr Software Cloud Based… roles on the company side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting 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 originates from and I actually do hope it’s much sunnier than it remains 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 extremely extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession 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 efficiently safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there’s often an overwhelming number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really really basic there’s no real consistency framework we’re residing in a period 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 just blows my mind every time I I believe
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 provides me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global services have revealed that they do not 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 poorly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be included best and what does
it require 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 have to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like incredibly 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 in 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 forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely vital that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals say I’ve split 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 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 typically 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on wellness and the compensation landscape is ending up being increasingly detailed. Services are continuously presenting new advantages and payment alternatives, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technically innovative age, there’s no reason for preserving troublesome treatments. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even minor hold-ups can negatively impact employees’ well-being and have significant effects. Therefore, it’s important to focus on accurate and prompt payments.
payroll team get um so I’m uncertain anyone on this sort 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 however ultimately 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 simply a tick box exercise 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 things is absolutely essential that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll service for your employees globally again I believe is another substantial um process again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of companies and reducing the variety of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand 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 easy as possible for everybody that’s involved in those processes and also so picture sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of try to return to everybody so carrying on look why do business pick to main separate savings account there are Papaya Global Hr Software Cloud Based services out there doing exactly this for particular countries and I have actually operated in a company or lots of services doing exactly that I can say it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we don’t have to and anybody 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 quantity that we are I believe lots of reasons one is it’s the requirement I believe individuals have actually got so used to we need a new bank account we open an entity and appropriately 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 simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering but eventually people are very stuck with what they’re familiar
with ideal um change is a difficult thing all of us don’t like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping several savings account but there’s a big amount of complexity opts for setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is huge however I believe the sincere response is change um individuals haven’t been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve 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 could nearly be identified to be the next Century or two there is a lot to keep track of and this approach does posture several challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I 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 actually gained another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Hr Software Cloud Based