Over the last five or 6 years …Papaya Global Training Cape Town… functions on the service provider side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join we all 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 currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical 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 accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs 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 difficult in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most importantly regulations compliance information security and banking rules then there are the large numbers they include additional intricacy the worldwide Workforce 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 individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating variety of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very very basic there’s no genuine consistency framework we’re residing in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide businesses have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect place the typical cost 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 globe payroll and payments do not run smoothly if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be included ideal and what does
it require 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to kind of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely essential that payroll and finance teams work better together than ever um I’m constantly surprised when individuals 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 estimation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on wellness and the payment landscape is ending up being significantly elaborate. Services are continuously presenting brand-new advantages and payment alternatives, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technologically sophisticated era, there’s no justification for keeping troublesome treatments. Payroll, the business’s greatest cost, should be processed correctly and on time. Even small delays can negatively affect workers’ well-being and have far-reaching effects. For that reason, it’s critical to prioritize precise and timely payments.
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just discover when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first Global Payments very first payroll payment option is an excellent initial step towards providing a detailed payroll service for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and checking account required for worldwide payroll are crucial consider accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as planned. Eventually, we do not do it for the gratitude.
anyway we understand how how essential 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 also so imagine sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of shot to get back to everybody so carrying on look why do business select to main separate checking account there are Papaya Global Training Cape Town services out there doing exactly this for particular countries and I have actually operated in an organization or lots of businesses doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and anyone that’s handling that process 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 lots of reasons one is it’s the standard I believe people have actually got so used to we need a new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering but ultimately individuals are extremely stuck to what they’re familiar
with right um change is a hard thing we all do not 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 great deal of track of stuff um I understand obviously the advantages of having maintaining several checking account however there’s a substantial amount of complexity chooses setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is substantial but I think the sincere response is modification um individuals haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to keep track of and this approach does position several obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, 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 should have a corner office with a parking space that is better, considering your achievements. Papaya Global Training Cape Town