Over the last five or six years …Papaya Global Tax Calendar 2020/21… roles on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting 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 everyone originates from and I actually do hope it’s much sunnier than it is 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 bleak and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping different checking account for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s frequently a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or really really basic there’s no genuine consistency structure we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a service spends on international payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide companies have expressed 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 errors inadequately communicated hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they count on the needed 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 organization face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be included ideal and what does
it need to be considered there’s differing 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 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 wherever you look best eventually building a knowledge base is definitely crucial but all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance teams work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the settlement landscape is ending up being increasingly elaborate. Organizations are constantly presenting new advantages and payment alternatives, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly innovative age, there’s no justification for preserving cumbersome treatments. Payroll, the company’s most significant cost, need to be processed properly and on time. Even small delays can negatively affect employees’ well-being and have far-reaching consequences. Therefore, it’s critical to focus on accurate and timely payments.
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only discover when things go wrong. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi International and other important matters are done properly. Utilizing the first International Payments first payroll payment solution is a great initial action towards offering a detailed payroll service for workers worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and savings account essential for worldwide payroll are essential consider achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as planned. Eventually, we do not do it for the appreciation.
anyway we know how how essential 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 also so envision sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting 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 try to check out them and really see what was going on and kind of try to return to everyone so proceeding appearance why do companies select to primary different savings account there are Papaya Global Tax Calendar 2020/21 services out there doing exactly this for particular nations and I’ve worked in a company or lots of services doing exactly that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it requires changing however ultimately people are very stuck to what they’re familiar
with ideal um change is a hard thing all of us do not like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving multiple bank accounts however there’s a huge amount of complexity opts for setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is huge however I think the honest answer is change um people haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or so there is a lot to track and this technique does present a number of difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a change to our Enterprise 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 gained another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Tax Calendar 2020/21