Over the last five or six years …Papaya Global Tax Calendar 2021/2022… roles on the provider side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two 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 currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 extremely extremely dreary and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most importantly guidelines compliance data security and banking guidelines then there are the large numbers they include more intricacy the international Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll design there’s frequently an overwhelming number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really very fundamental there’s no real consistency framework we’re residing in an era 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 believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international organizations have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is shipped to the wrong place the typical cost of an international 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 do not run smoothly if they rely on the required several processes 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 company face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included right and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 allowing us to kind of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 typically split and cut up um ultimately 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
The modern-day world positions a high worth on wellness and the compensation landscape is becoming increasingly elaborate. Organizations are continuously presenting new benefits and payment alternatives, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and traffic jams. In my opinion, this does not need to be the case. In today’s technically advanced era, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s greatest cost, need to be processed properly and on time. Even minor hold-ups can negatively impact staff members’ wellness and have significant repercussions. For that reason, it’s important to focus on precise and timely payments.
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only discover 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 ensure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is a terrific initial action towards supplying a detailed payroll option for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and bank accounts required for global payroll are key consider accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we know how how important a function 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 processes and also so think of sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly 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 task attempting to clean 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 require days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everyone so carrying on appearance why do business choose to primary different checking account there are Papaya Global Tax Calendar 2021/2022 businesses out there doing exactly this for specific nations and I have actually operated in a company or many services doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think people have actually got so utilized to we need a brand-new savings account we open an entity and appropriately 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 simply been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I believe this is a process that needs looking at it needs changing however ultimately people are very stuck with what they’re familiar
with best um change is a difficult thing we all do not like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving numerous savings account however there’s a substantial amount of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is big but I think the honest answer is change um people have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually constantly 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 know what could practically be figured out to be the next Century approximately there is a lot to keep track of and this method does posture several obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Tax Calendar 2021/2022