Over the last 5 or six years …Papaya Global Jobs Glasgow… roles on the company side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind 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 truly 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 drizzling here it’s really really bleak and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a recap which needs to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and handling them becomes a growing number of complex International organizations are aiming to discover Solutions and new methods to improve procedures especially from a payroll and cross-border payment viewpoint many organizations keep separate checking account just for payroll while some have numerous accounts in various nations does it make sense for business to preserve different checking account in some cases in various countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most importantly policies compliance data security and banking rules then there are the large numbers they add more complexity the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s typically a frustrating variety of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really really fundamental there’s no real consistency framework 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 often with pen and paper and that just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide services have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t require to be included right and what does
it need to be thought about there’s differing 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 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to type of progress with that it likewise as well to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m constantly amazed when people say I have actually 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 computation 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 process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the settlement landscape is ending up being progressively complex. Organizations are constantly presenting new advantages and payment alternatives, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically sophisticated era, there’s no justification for keeping cumbersome treatments. Payroll, the company’s biggest cost, must be processed properly and on time. Even minor delays can adversely impact workers’ well-being and have far-reaching consequences. For that reason, it’s critical to prioritize precise and prompt payments.
payroll group get um so I’m uncertain anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is a fantastic first step um supplying an end-to-end payroll service for your staff members globally again I believe is another big um procedure once again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of companies and lowering the variety of tools platforms and checking account they need for their Global 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’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how crucial 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 everyone that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture 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 however it would absolutely be a fascinating job attempting to clean 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 look through them and actually see what was going on and type of try to return to everybody so moving on look why do business select to main different checking account there are Papaya Global Jobs Glasgow organizations out there doing exactly this for particular countries and I’ve operated in an organization or lots of companies doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone 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 amount that we are I think lots of reasons one is it’s the requirement I think individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however 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 adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires changing but ultimately individuals are very stuck with what they recognize
with ideal um change is a difficult thing we all do not like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving several bank accounts but there’s a huge quantity of complexity goes with setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is huge however I believe the truthful response is modification um individuals have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep track of and this technique does pose a number of obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I just did you changed our Enterprise 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 Global staff members you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Jobs Glasgow