Over the last 5 or six years …Papaya Global Tax Office… functions on the service provider side and also on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide 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 sort 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 actually 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 raining here it’s extremely really gloomy and I want I was somewhere else 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 managing Global payroll why companies preserve separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to optimize working capital, and find how enhancing international payroll payments can transform them from a troublesome job into a strategic asset.
Managing payroll globally is a daunting task due to numerous policies, compliance requirements, data security issues, and banking guidelines. The large variety of workers and companies adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual procedures, data silos, and a lack of integration, leading to disparities and inefficiencies. Regardless of residing in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and solutions to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in global payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes improperly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t 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 nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is definitely critical but all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely essential and technology is permitting us to type of move on with that it likewise as well to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to add to sort of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations throughout the world so again you’re simply aiming to include more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine obstacles or real difficult kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t 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 challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense point of view from an effect perspective on workers it is definitely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental impact on individuals’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally also. Therefore, it is important to ensure that jobs like Wi-Fi International and other crucial matters are done properly. Utilizing the first Global Payments first payroll payment option is a fantastic initial action towards supplying a thorough payroll service for employees worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account essential for global payroll are crucial factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
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 procedures and likewise so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job attempting to clean up 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 attempt to look through them and actually see what was going on and kind of try to get back to everyone so proceeding appearance why do business pick to main different checking account there are Papaya Global Tax Office companies out there doing exactly this for specific countries and I’ve worked in a company or lots of organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t need to and anybody that’s handling 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 numerous factors one is it’s the standard I think people have actually got so used to we require 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 believe it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs changing but ultimately people are really stuck with what they recognize
with best um modification is a tough thing we all don’t 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 things um I understand obviously the benefits of having keeping numerous bank accounts but there’s a big quantity of complexity opts for setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is huge however I think the truthful answer is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does position numerous difficulties um so Johnny might 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 tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Tax Office