Over the last 5 or 6 years …How To Do Final Payroll Submission On Papaya Global… functions on the company side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really 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 really dreary and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll likewise go over a recap and that ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more typical and handling them becomes increasingly more complicated International companies are looking to find Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment standpoint numerous organizations maintain different checking account just for payroll while some have multiple accounts in various countries does it make good sense for business to keep different checking account often in various countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical 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 ends up being complex for a variety of factors most significantly guidelines compliance data security and banking rules then there are the large numbers they include further intricacy the global Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating variety of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very really standard there’s no real consistency framework we’re living in a period 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 often with pen and paper which just blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide organizations have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the needed several 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 service face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be consisted of right and what does
it need to be thought about there’s varying Bank details 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the payment landscape is becoming progressively complex. Services are constantly introducing new advantages and payment choices, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly advanced age, there’s no reason for preserving cumbersome procedures. Payroll, the company’s greatest cost, should be processed correctly and on time. Even slight delays can adversely impact workers’ well-being and have significant consequences. For that reason, it’s crucial to prioritize accurate and prompt payments.
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just see when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally as well. For that reason, it is important to make sure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first International Payments very first payroll payment option is a terrific preliminary step towards supplying a thorough payroll service for workers worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts necessary for worldwide payroll are essential consider accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we know how how crucial 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 simple as possible for everybody that’s associated with those processes and also so envision sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that lots of 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 certainly be an interesting task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of try to get back to everyone so proceeding appearance why do companies choose to main different bank accounts there are How To Do Final Payroll Submission On Papaya Global services out there doing precisely this for particular countries and I’ve operated in a company or numerous companies doing precisely that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and anybody that’s managing 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 amount that we are I think lots of reasons one is it’s the requirement I think individuals have got so utilized to we need a new checking account we open an entity and rightly 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 just been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires altering however ultimately individuals are really stuck to what they recognize
with ideal um change is a hard thing all of us don’t like change um so I believe it’s simply kind 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 certainly the benefits of having keeping multiple checking account however there’s a substantial amount of complexity opts for establishing a savings account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is huge but I believe the sincere answer is modification um people have not been able to change or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or so there is a lot to keep an eye on and this method does present several challenges um so Johnny could you tell us about those challenges yeah naturally 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 manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. How To Do Final Payroll Submission On Papaya Global