Over the last 5 or six years …Can Papaya Global Work With Sap… functions on the service provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll likewise review a wrap-up which ought to leave his time at the extremely 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 workforces become increasingly more typical and managing them becomes increasingly more complex Global companies are seeking to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment viewpoint many companies preserve separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to keep separate savings account in some cases in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most notably policies compliance information security and banking rules then there are the sheer numbers they include additional complexity the international Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll model there’s frequently a frustrating number of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely really basic there’s no real consistency framework we’re residing in an era of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of a photo they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide organizations have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes poorly communicated hires and terminations as well as lack management and system setups and after that when you round everything 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 money around the globe payroll and payments don’t run efficiently if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be included right and what does
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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 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 client’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 definitely fundamental and innovation is enabling us to kind of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing groups work better together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the compensation landscape is becoming progressively elaborate. Organizations are continually introducing new advantages and payment choices, which contributes to the general intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today’s technologically advanced period, there’s no reason for maintaining troublesome treatments. Payroll, the business’s most significant cost, should be processed correctly and on time. Even slight delays can adversely affect employees’ well-being and have far-reaching effects. Therefore, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a great first step um supplying an end-to-end payroll solution for your staff members internationally again I believe is another huge um process once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how important a function 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 just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and type of try to get back to everybody so moving on look why do business choose to primary separate checking account there are Can Papaya Global Work With Sap services out there doing exactly this for specific countries and I’ve operated in a company or numerous companies doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for any person where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe people have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions however 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 embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs changing however eventually people are extremely stuck to what they’re familiar
with best um modification is a hard thing we all don’t like change um so I believe it’s simply 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 understand undoubtedly the advantages of having preserving several bank accounts but there’s a substantial amount of intricacy goes with setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is substantial however I believe the truthful response is change um individuals have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine 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 figured out to be the next Century or two there is a lot to track and this method does pose a number of obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Can Papaya Global Work With Sap