Over the last 5 or 6 years …How To Make Bulk Payment In Papaya Global… roles on the company side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 bleak and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise review a wrap-up and that must leave his time at the really really 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 Worldwide workforces become more and more common and handling them ends up being a growing number of complicated International organizations are looking to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment standpoint lots of companies maintain separate bank account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep different savings account in some cases in various countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business streamline the episode complex processes of
making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the large numbers they add additional intricacy the global Workforce is currently three 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 presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s typically an overwhelming number of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or really extremely fundamental there’s no real consistency framework we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in international payroll the less of an image they see an absence of presence also extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of global businesses have revealed 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 poor HCM information information entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the data is delivered to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the needed several 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 company face when they’re paying to workers or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be consisted of best and what does
it need to be considered there’s varying Bank information 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to sort of progress with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always impressed when people 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 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 process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to type of the level of complexity there’s a growing number of benefits being organ or being used by companies throughout the world so again you’re just looking to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any organization has from a cost perspective from an effect viewpoint on staff members it is absolutely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful impact on individuals’s well-being and many other elements if people aren’t paid uh I have actually always been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. For that reason, it is essential to make sure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first International Payments first payroll payment solution is a great initial action towards providing an extensive payroll option for workers worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and checking account required for global payroll are crucial consider attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyhow we understand 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 simple as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and kind of shot to return to everyone so carrying on appearance why do companies select to main separate bank accounts there are How To Make Bulk Payment In Papaya Global companies out there doing precisely this for specific countries and I have actually worked in a business or many organizations doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anyone where we do not have to and anyone that’s managing 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 quantity that we are I think lots of factors one is it’s the requirement I believe people have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however 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 gone past to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs changing however eventually people are very stuck with what they recognize
with right um modification is a challenging thing we all do not like modification um so I believe it’s just sort 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 certainly the benefits of having preserving several savings account however there’s a huge amount of intricacy opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is big however I think the truthful answer is modification um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or two there is a lot to keep track of and this approach does posture numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. How To Make Bulk Payment In Papaya Global