Over the last five or 6 years …Papaya Global Gdpr Compliance… roles on the provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly 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 drizzling here it’s really extremely gloomy and I want I was somewhere else at this moment in time all right 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 Worldwide payroll why companies keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a recap which ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and handling them ends up being increasingly more complicated International organizations are seeking to find Solutions and new ways to simplify processes especially from a payroll and cross-border payment standpoint lots of organizations preserve separate bank account just for payroll while some have numerous accounts in various nations does it make sense for business to preserve different savings account in some cases in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies streamline the episode complex processes of
Making sure accurate, efficient, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can change them from a difficult job into a tactical asset.
Handling payroll worldwide is a complicated task due to various policies, compliance requirements, information security issues, and banking rules. The sheer variety of employees and companies adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to inconsistencies and inefficiencies. Regardless of residing in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to provide insights and options to streamline and enhance worldwide payroll payments.
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 Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a business invests in international payroll the less of a picture they see an absence of visibility also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide businesses have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors improperly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the data is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not require to be included ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 wherever you look best eventually building a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 enabling us to sort of move on with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work better together than ever um I’m always surprised when individuals state 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 estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the payment landscape is ending up being increasingly intricate. Companies are constantly introducing brand-new benefits and payment options, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technologically advanced age, there’s no justification for preserving troublesome procedures. Payroll, the company’s most significant cost, must be processed properly and on time. Even small delays can adversely affect workers’ well-being and have far-reaching consequences. For that reason, it’s important to focus on precise and prompt payments.
payroll group get um so I’m not sure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a fantastic initial step um providing an end-to-end payroll solution for your staff members globally once again I think is another substantial um process again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of businesses and reducing the variety of tools platforms and checking account they need 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 thousand of 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 problems where things haven’t gone quite where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how crucial a role 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 associated with those processes and also so envision sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating 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 attempt to look through them and actually see what was going on and kind of try to get back to everybody so proceeding look why do business choose to primary different bank accounts there are Papaya Global Gdpr Compliance services out there doing precisely this for specific countries and I’ve worked in a business or numerous organizations doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing extra work for any person where we don’t have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I believe people have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs changing but eventually people are very stuck to what they recognize
with right um modification is a hard thing all of us don’t like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining several checking account but there’s a huge amount of complexity chooses establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is substantial but I think the sincere response is change um individuals have not been able to change or haven’t had always the understanding to really 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 understand and there is an aspect of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose numerous obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you changed 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 employees you should have a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Gdpr Compliance