Over the last five or 6 years …Can You Pay Your Papaya Global Payroll With A Credit Card… functions on the company side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join all of us 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 currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine 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 fine so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also discuss a recap which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and managing them ends up being a growing number of complicated International organizations are wanting to discover Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment standpoint numerous companies maintain different bank account just for payroll while some have several accounts in various countries does it make sense for companies to keep separate savings account in some cases in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business improve the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex difficulty for services operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to optimize working capital, and find how enhancing global payroll payments can change them from a burdensome task into a strategic possession.
Handling payroll internationally is a difficult job due to numerous regulations, compliance requirements, information security issues, and banking rules. The sheer number of staff members and organizations contributes to the complexity, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to disparities and inadequacies. Despite living in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to supply insights and solutions to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in global payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of international organizations have revealed 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 due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they depend on the required numerous processes 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 obstacles service face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t require to be included ideal 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 country 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 wherever you look right eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to type of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely vital that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to add to type of the level of complexity there’s more and more benefits being organ or being provided by companies throughout the world so once again you’re simply seeking to add increasingly 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 real challenges or real challenging sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would certainly state 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 teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single biggest liability that any company has from a cost perspective from an impact point of view on workers it is absolutely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging effect on individuals’s wellness and many other aspects if people aren’t paid uh I have actually always been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is an excellent primary step um providing an end-to-end payroll service for your employees worldwide again I believe is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of organizations and minimizing the number of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t anticipate 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
anyway we know how how essential a function 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 involved in those procedures and likewise so picture sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everyone so moving on look why do companies select to primary separate bank accounts there are Can You Pay Your Papaya Global Payroll With A Credit Card organizations out there doing precisely this for particular countries and I have actually operated in a company or numerous services doing precisely that I can say it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s handling that procedure 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 think numerous reasons one is it’s the standard I think individuals have got so utilized to we need a new checking account we open an entity and rightly so you need 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 norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I think this is a process that needs taking a look at it requires changing but eventually people are very stuck to what they recognize
with best um change is a hard thing we all do not like modification um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining numerous bank accounts but there’s a huge amount of complexity goes with setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is huge however I think the honest response is modification um people haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or so there is a lot to track and this technique does present numerous difficulties um so Johnny might you tell us about those challenges 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Can You Pay Your Papaya Global Payroll With A Credit Card