Over the last 5 or 6 years …Papaya Global Tax Calendar 2022/23… roles on the service provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type 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 kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely dreary and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also go over a recap and that should leave his time at the very 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 International labor forces end up being increasingly more common and handling them becomes increasingly more complex Global companies are seeking to discover Solutions and new methods to streamline procedures specifically from a payroll and cross-border payment standpoint many companies maintain different checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to keep separate checking account in some cases in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business streamline the episode complex processes of
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a challenging job into a tactical asset.
Managing payroll internationally is a difficult job due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and companies adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently lead to manual processes, information silos, and a lack of integration, resulting in disparities and inefficiencies. Regardless of living in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to offer insights and options to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business spends on global payroll the less of an image they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of international organizations have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors inadequately communicated hires and terminations along with lack management and system setups and then when you round it all off and the data is delivered to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the needed several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not require to be consisted of best and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need 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 ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to sort of move on with that it also too to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market 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 however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to add to sort of the level of complexity there’s more and more benefits being organ or being provided by services throughout the world so again you’re just wanting to add more and more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or genuine difficult kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we run 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 an era that you know that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from a cost perspective from an impact viewpoint on staff members it is definitely vital that it’s done properly and on time so what we indicate 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 destructive result on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve always been surprised entering this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but 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 think 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 vital that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a terrific initial step um supplying an end-to-end payroll service for your employees worldwide once again I think is another substantial um process once again aligning and ensuring you have standardization International processes all of those things are definitely essential to success success of organizations and decreasing the variety of tools platforms and bank accounts they need for their Worldwide payroll too could not 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 do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how important 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 easy as possible for everybody that’s associated with those procedures and also so imagine sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and kind of shot to get back to everyone so carrying on appearance why do business pick to primary different checking account there are Papaya Global Tax Calendar 2022/23 companies out there doing exactly this for specific countries and I have actually operated in a service or many services doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing additional work for any person 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 think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe individuals have got so used to we need a brand-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 just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs altering but ultimately people are really stuck to what they recognize
with best um modification is a challenging thing we all don’t like change um so I think 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 clearly the advantages of having maintaining multiple checking account but there’s a big amount of intricacy opts for establishing a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is huge but I believe the sincere response is modification um people have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does posture a number of obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Tax Calendar 2022/23