Over the last 5 or 6 years …Papaya Global Gdpr Compliant… functions on the company side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly 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 raining here it’s extremely really gloomy and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also go over a wrap-up which needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs 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 handling them ends up being more and more complicated Global companies are seeking to discover Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment perspective many companies keep different bank account just for payroll while some have numerous accounts in different countries does it make good sense for business to keep different checking account often in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there’s frequently an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or really very standard there’s no real consistency structure 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 frequently with pen and paper which just blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide companies have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors badly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a great 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 differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 client’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they resemble very payments no if however some children 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing teams 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 work in the payroll occupation would they divide 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 anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by businesses throughout the world so again you’re simply seeking to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine obstacles or real tough kind of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of decades I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era 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 challenging as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from an expense perspective from an effect point of view on staff members it is absolutely crucial 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 detrimental effect on individuals’s well-being and many other elements if individuals aren’t paid uh I have actually always been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just observe when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally too. For that reason, it is essential to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment service is a terrific initial action towards supplying a detailed payroll option for employees worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account necessary for international payroll are key consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know how how essential 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 involved in those processes and likewise so picture sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean up 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 require days of the week to try to check out them and in fact see what was going on and kind of shot to return to everyone so proceeding look why do business pick to primary different savings account there are Papaya Global Gdpr Compliant organizations out there doing precisely this for particular nations and I have actually operated in a business or numerous organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anybody that’s handling that process 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 think lots of factors one is it’s the standard I believe people have got so used to we require a 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 the people have actually embraced and continue to do over years and years gone past to contribute 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 range I believe this is a process that requires taking a look at it requires changing however eventually individuals are really stuck with what they recognize
with ideal um change is a tough thing all of us don’t like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving numerous bank accounts but there’s a substantial amount of complexity chooses setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is huge but I believe the honest answer is change um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or so there is a lot to monitor and this approach does pose numerous difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a modification to our Business 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 actually gained another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Gdpr Compliant