Over the last 5 or six years …Papaya Global Courses Scotland… functions on the company side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really 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 raining here it’s very extremely uninspiring and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add additional intricacy the worldwide Labor force is presently 3 and a half billion people by 2030 it’s estimated 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 worldwide in the conventional payroll design there’s typically an overwhelming variety of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very very fundamental there’s no real consistency structure we’re residing in an age of tech but payroll has been sluggish 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 every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide services have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is delivered to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they rely on the necessary numerous processes 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 obstacles business face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 anywhere you look right ultimately developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to type of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work closer together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 often 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 anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the settlement landscape is becoming significantly intricate. Services are continuously introducing new benefits and payment alternatives, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s highly sophisticated age, there’s no justification for keeping cumbersome treatments. Payroll, the company’s greatest expenditure, need to be processed properly and on time. Even slight hold-ups can negatively impact workers’ wellness and have significant repercussions. Therefore, it’s important to focus on accurate and prompt payments.
payroll group get um so I’m not sure anybody on this type of webinar has actually been informed 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 employees or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise 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 stuff is absolutely important that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a great primary step um offering an end-to-end payroll option for your employees internationally once again I think is another huge um process again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of businesses and reducing the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how essential 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 everybody that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting 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 need days of the week to try to check out them and in fact see what was going on and type of shot to get back to everybody so moving on appearance why do business select to primary separate savings account there are Papaya Global Courses Scotland businesses out there doing precisely this for particular nations and I’ve worked in a service or many companies doing exactly that I can state it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I believe individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a process that requires looking at it requires altering however eventually people are really stuck with what they’re familiar
with best um change is a difficult thing we all don’t like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having maintaining multiple checking account but there’s a huge quantity of complexity chooses establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is huge however I believe the sincere response is change um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or so there is a lot to track and this approach does present several difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Courses Scotland