Over the last five or 6 years …Is Papaya Global Gdpr Compliant… roles on the provider side and likewise on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 really really dreary and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll also review a wrap-up and that ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and handling them becomes more and more intricate International companies are aiming to discover Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment standpoint many organizations keep different savings account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep different savings account often in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies enhance the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include more complexity the worldwide 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 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 world in the standard payroll model there’s often a frustrating variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no genuine consistency structure we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a picture they see a lack of presence also extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have revealed that they do not 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 information information entry errors poorly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped to the wrong location the typical cost 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 world payroll and payments don’t run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like very payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to type of move on with that it also as well to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to add to kind of the level of complexity there’s more and more benefits being organ or being offered by organizations across the world so once again you’re simply wanting to add more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or real difficult kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any business has from a cost perspective from an impact point of view on staff members it is absolutely important 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 most significant detrimental effect on people’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been surprised entering into this Market type of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only notice when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally too. For that reason, it is essential to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done properly. Using the very first Worldwide Payments very first payroll payment service is an excellent preliminary action towards providing a comprehensive payroll option for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and savings account essential for global payroll are essential factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how important 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 easy as possible for everybody that’s involved in those processes and likewise so picture sorry I’m just I was just gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of 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 type of try to get back to everyone so proceeding appearance why do business choose to main different checking account there are Is Papaya Global Gdpr Compliant organizations out there doing precisely this for particular nations and I have actually worked in a service or numerous businesses doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we do not have to and any person 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 amount that we are I think lots of reasons one is it’s the requirement I think people have actually got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it requires changing but ultimately individuals are extremely stuck with what they’re familiar
with ideal um change is a difficult thing we all do not like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving multiple bank accounts but there’s a huge quantity of intricacy chooses establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is huge but I think the truthful response is change um individuals have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve 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 understand what might almost be figured out to be the next Century approximately there is a lot to monitor and this approach does pose a number of obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Is Papaya Global Gdpr Compliant