Over the last five or six years …Sending Payslip From Papaya Global… functions on the provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely bleak and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we’ll also review a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and managing them becomes increasingly more complex International organizations are looking to discover Solutions and new ways to simplify processes especially from a payroll and cross-border payment perspective many organizations keep different savings account just for payroll while some have multiple accounts in different countries does it make sense for business to preserve separate checking account often in different countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most significantly guidelines compliance information security and banking rules then there are the large numbers they add further intricacy the global Labor force is currently 3 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 services and growing all doing their own thing worldwide in the standard payroll design there’s frequently a frustrating variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or really extremely fundamental there’s no real consistency structure we’re residing in a period of tech however payroll has actually 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 each time 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 Labor force information in real time that’s another number that gives 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 visibility also encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global businesses have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes poorly interacted 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 average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they count on the essential numerous procedures 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 difficulties service face when they’re paying to workers or otherwise that’s a great concern I always toss this back and state what is it what does not need to be included best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 client’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely basic and technology is enabling us to kind of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and finance teams work better together than ever um I’m always impressed 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 work in the payroll occupation would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to add to sort of the level of complexity there’s increasingly more benefits being organ or being provided by businesses across the world so once again you’re just looking to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine tough kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from a cost perspective from an effect perspective on workers it is definitely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging impact on people’s wellness and numerous other factors if people aren’t paid uh I’ve always been amazed coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just observe when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally also. For that reason, it is essential to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first International Payments first payroll payment solution is an excellent initial action towards offering an extensive payroll option for workers worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and bank accounts needed for global payroll are key consider accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we know 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 associated with those processes and also so envision sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting 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 held true um you ‘d require days of the week to try to check out them and actually see what was going on and sort of try to get back to everybody so moving on look why do business select to primary separate savings account there are Sending Payslip From Papaya Global companies out there doing precisely this for particular nations and I’ve operated in an organization or numerous organizations doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and anybody that’s dealing with 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 numerous reasons one is it’s the requirement I believe individuals have actually got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires altering but eventually individuals are really stuck to what they’re familiar
with ideal um modification is a difficult thing we all do not like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping multiple checking account but there’s a huge quantity of intricacy chooses establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big but I think the honest response is change um people haven’t had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to keep track of and this approach does present several difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Sending Payslip From Papaya Global