Over the last 5 or six years …Does Papaya Global Print P11D… functions on the service provider side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so 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 everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a recap which must 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 Global labor forces become increasingly more typical and managing them becomes more and more intricate Worldwide organizations are aiming to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment standpoint many organizations keep separate savings account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve different bank accounts sometimes in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business streamline the episode complex procedures of
making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most importantly policies compliance information security and banking rules then there are the sheer numbers they include additional complexity the global Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 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 around the globe in the traditional payroll design there’s typically an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really extremely basic there’s no real consistency structure we’re residing in an era of tech but payroll has actually 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 every 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 say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in global payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be consisted of right and what does
it need to be considered 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 capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is absolutely vital 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 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 absolutely basic and technology is allowing us to type of move on with that it likewise too to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work closer together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however 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 becoming significantly elaborate. Services are constantly introducing new advantages and payment alternatives, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technically innovative age, there’s no justification for maintaining troublesome procedures. Payroll, the company’s biggest expense, must be processed properly and on time. Even small delays can adversely affect staff members’ well-being and have far-reaching effects. Therefore, it’s critical to prioritize accurate and prompt payments.
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just notice when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally also. Therefore, it is essential to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Using the very first Worldwide Payments very first payroll payment service is a great initial step towards offering an extensive payroll service for staff members worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and savings account needed for global payroll are crucial consider accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.
anyway 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 involved in those processes and likewise so envision sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to get back to everybody so carrying on look why do companies select to main different savings account there are Does Papaya Global Print P11D businesses out there doing exactly this for specific countries and I’ve operated in a service or lots of services doing exactly that I can state it does not constantly feel effective and it does develop 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 anyone that’s handling that procedure I ‘d be interested to hear your thoughts 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 believe people have got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs changing but eventually people are really stuck to what they’re familiar
with best um change is a difficult thing we all don’t like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having maintaining multiple bank accounts however there’s a big quantity of complexity opts for setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for individual people so the complexity is big but I believe the honest response is change um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or two there is a lot to track and this method does position a number of obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched 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 Worldwide staff members you should have a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Does Papaya Global Print P11D