Over the last 5 or 6 years …Papaya Globalhow To Enable Online Payslips Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 really really bleak and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll also review a wrap-up and that should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them ends up being more and more complicated Worldwide organizations are aiming to find Solutions and new methods to simplify processes particularly from a payroll and cross-border payment perspective lots of companies preserve different checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve different checking account in some cases in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly guidelines compliance data security and banking guidelines then there are the large numbers they include more complexity the international Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll model there’s frequently an overwhelming number of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very extremely basic there’s no genuine consistency structure we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses 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 invests in global payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have actually revealed that they don’t 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 mistakes inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and say what is it what does not need to be included ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the customer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and technology is allowing us to kind of move on with that it likewise as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals state I’ve 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 computation 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 process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
The modern world places a high value on wellness and the compensation landscape is ending up being significantly complex. Companies are constantly presenting new advantages and payment options, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technically advanced era, there’s no justification for keeping cumbersome procedures. Payroll, the company’s greatest expenditure, should be processed properly and on time. Even minor delays can adversely impact staff members’ wellness and have significant repercussions. For that reason, it’s vital to prioritize precise and prompt payments.
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally also. Therefore, it is vital to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first Global Payments first payroll payment option is a terrific preliminary action towards providing an extensive payroll option for employees worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and savings account needed for international payroll are essential consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we know how how essential 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 easy as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially 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 but it would definitely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture 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 actually see what was going on and kind of try to get back to everybody so moving on appearance why do companies choose to main separate checking account there are Papaya Globalhow To Enable Online Payslips Papaya Global companies out there doing precisely this for particular countries and I’ve worked in an organization or many businesses doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we don’t need to and any person that’s managing that process 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 think lots of reasons one is it’s the requirement I believe people have got so utilized to we need a brand-new checking 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 norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it needs altering however ultimately people are extremely stuck with what they’re familiar
with right um change is a hard thing all of us do not like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving multiple checking account but there’s a substantial amount of complexity chooses establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is huge but I believe the honest answer is modification um people haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep track of and this technique does present several difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a range 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 tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Globalhow To Enable Online Payslips Papaya Global