Over the last five or six years …Papaya Global Tax Calendar 2023/24… roles on the provider side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really 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 extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also review a recap and that must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more typical and handling them becomes increasingly more complicated International organizations are looking to find Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective numerous organizations preserve separate savings account just for payroll while some have several accounts in various countries does it make sense for companies to maintain separate checking account sometimes in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex challenge for services operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to enhance working capital, and discover how simplifying global payroll payments can change them from a burdensome job into a tactical asset.
Managing payroll internationally is an overwhelming job due to various regulations, compliance requirements, data security concerns, and banking guidelines. The large number of employees and organizations adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, causing disparities and inefficiencies. Regardless of residing in an age of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and services to streamline and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of an image they see an absence of presence also extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide companies have actually 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 bad HCM information data entry mistakes inadequately communicated hires and terminations as well as lack management and system setups and then when you round everything 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 cash all over the world payroll and payments do not run smoothly if they depend 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 needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what does not require 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 country there’s payment amount of time 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 client’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere 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 essential to add to sort of the level of complexity there’s more and more benefits being organ or being used by services throughout the world so again you’re just seeking to include a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or real tough type of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates 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 doesn’t necessarily require to be the case you know long gone are the times where we require to create extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from a cost point of view from an effect viewpoint on staff members it is definitely critical that it’s done properly and on time so what we mean 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 wellness and lots of other elements if individuals aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just observe when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally as well. Therefore, it is important to guarantee that jobs like Wi-Fi International and other vital matters are done properly. Using the very first Worldwide Payments very first payroll payment service is an excellent preliminary step towards supplying a detailed payroll solution for employees worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and checking account necessary for global payroll are key consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we know 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 everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and type of try to get back to everybody so carrying on appearance why do companies choose to main different checking account there are Papaya Global Tax Calendar 2023/24 organizations out there doing precisely this for particular countries and I have actually operated in a service or numerous organizations doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t have to and anybody that’s dealing with 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 quantity that we are I believe many reasons one is it’s the requirement I think people have got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires altering but eventually individuals are really stuck with what they recognize
with best um modification is a challenging thing all of us do not like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving multiple bank accounts but there’s a substantial quantity of intricacy chooses setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is huge but I think the honest response is change um individuals have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to monitor and this approach does posture a number of challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Tax Calendar 2023/24