Over the last 5 or 6 years …Why Cant I Submit Full Payment Submission Through Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains 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 dreary and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up and that must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and handling them ends up being more and more intricate International organizations are seeking to find Solutions and new ways to improve procedures especially from a payroll and cross-border payment perspective lots of organizations preserve separate savings account just for payroll while some have numerous accounts in different countries does it make sense for business to keep different savings account in some cases in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most significantly policies compliance data security and banking rules then there are the large numbers they include more complexity the global Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s frequently an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or really very standard 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 frequently with pen and paper and that simply 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 companies say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide companies have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes poorly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is delivered to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be included best and what does
it require 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 time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely crucial but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to kind of progress with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely essential that payroll and financing teams work more detailed 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 anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high value on wellness and the payment landscape is ending up being increasingly elaborate. Companies are continuously presenting new advantages and payment choices, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my opinion, this does not need to be the case. In today’s highly advanced period, there’s no validation for keeping troublesome treatments. Payroll, the business’s most significant expenditure, should be processed correctly and on time. Even slight hold-ups can adversely affect employees’ wellness and have far-reaching repercussions. For that reason, it’s critical to prioritize precise and timely payments.
The payroll group might not have been thanked for properly processing payroll throughout 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 an essential cycle, and people just observe when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. For that reason, it is necessary to ensure that jobs like Wi-Fi Global and other important matters are done correctly. Using the very first International Payments very first payroll payment service is a great initial step towards providing an extensive payroll option for staff members worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and bank accounts essential for global payroll are essential consider achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we know how how important 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 everyone that’s associated with those procedures and likewise so envision sorry I’m simply 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 discussing hundreds of thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean 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 check out them and in fact see what was going on and type of shot to return to everybody so carrying on look why do companies select to primary different bank accounts there are Why Cant I Submit Full Payment Submission Through Papaya Global organizations out there doing exactly this for specific countries and I’ve operated in a business or numerous organizations doing precisely that I can state it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anyone where we do not have to and any person that’s handling 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 amount that we are I think many factors one is it’s the requirement I think people have got so utilized to we require a new bank 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 believe it’s simply been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it requires changing but eventually individuals are really stuck to what they’re familiar
with ideal um modification is a tough thing all of us don’t like change um so I believe it’s just 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 comprehend undoubtedly the advantages of having maintaining numerous savings account but there’s a huge amount of complexity opts for setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial however I think the sincere response is change um individuals haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to monitor and this method does present a number of difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a modification to our Business 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 acquired another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Why Cant I Submit Full Payment Submission Through Papaya Global