Over the last five or 6 years …Gdpr And Papaya Global… roles on the service provider side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone 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 drizzling here it’s extremely really dreary and I want I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also discuss a wrap-up and that should leave his time at the extremely extremely 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 Worldwide workforces become a growing number of typical and handling them becomes more and more complex Global companies are seeking to find Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective many companies keep separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to keep different savings account often in different countries it does however just for payroll exists a 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 procedures of
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how companies forecast payroll costs to optimize working capital, and discover how streamlining global payroll payments can change them from a challenging job into a tactical possession.
Managing payroll globally is a challenging job due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and a lack of integration, causing inconsistencies and inefficiencies. Despite residing in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and options to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have actually 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 because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they depend on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t need to be consisted of right and what does
it require to be thought about there’s differing 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 customer’s own in-country account so there’s intricacy any place you look best eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like very payments no if however 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to sort of move on with that it likewise as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance groups work more detailed together than ever um I’m always surprised when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split 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 ultimately 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on wellness and the settlement landscape is becoming increasingly elaborate. Companies are constantly presenting brand-new advantages and payment choices, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today’s highly advanced era, there’s no justification for keeping troublesome procedures. Payroll, the business’s most significant expenditure, should be processed properly and on time. Even small hold-ups can negatively affect employees’ wellness and have significant repercussions. Therefore, it’s critical to prioritize precise and timely payments.
payroll team get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however 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 likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic initial step um supplying an end-to-end payroll service for your workers globally once again I think is another substantial um process again aligning and ensuring you have standardization International processes all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they require for their International payroll too couldn’t 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 thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how crucial 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 associated with those processes and likewise so picture sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and type of try to return to everybody so proceeding look why do companies pick to primary separate bank accounts there are Gdpr And Papaya Global companies out there doing exactly this for specific nations and I’ve worked in an organization or many companies doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and anybody that’s dealing with 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 numerous reasons one is it’s the standard I think people have got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have adopted 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 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 looking at it requires changing but eventually people are really stuck to what they recognize
with best um change is a hard thing we all do not like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving several bank accounts however there’s a huge quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is big however I believe the sincere answer is modification um individuals have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be determined to be the next Century or so there is a lot to keep track of and this approach does position several difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you changed our Business 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 International workers you should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Gdpr And Papaya Global