Over the last 5 or six years …Papaya Global Tax Calendar 2021/22 Uk… roles on the service provider side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually 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 really really uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll also go over a wrap-up which should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them becomes increasingly more complex International organizations are looking to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment perspective lots of companies preserve different bank account just for payroll while some have numerous accounts in various countries does it make good sense for business to maintain different checking account sometimes in different countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies streamline the episode complex procedures of
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most notably regulations compliance information security and banking rules then there are the large numbers they add further complexity the international Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals 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 globe in the standard payroll model there’s typically a frustrating number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely really basic there’s no genuine consistency framework we’re residing in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization spends on worldwide payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global organizations have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they count on the needed several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be included ideal and what does
it need to be thought about 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is absolutely important however everywhere 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 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 recognition that payroll payments are absolutely essential and innovation is enabling us to sort of move on with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals say 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 occupation 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 procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the payment landscape is ending up being increasingly detailed. Companies are constantly introducing brand-new advantages and payment alternatives, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s highly advanced period, there’s no reason for keeping cumbersome procedures. Payroll, the company’s greatest expense, should be processed properly and on time. Even minor hold-ups can adversely affect staff members’ wellness and have significant repercussions. Therefore, it’s crucial to prioritize precise and prompt payments.
payroll group get um so I’m not sure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe 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 stuff is absolutely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a great first step um offering an end-to-end payroll service for your employees worldwide again I believe is another substantial um process again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and checking account they require for their International 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 don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how important a role 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 everyone that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and sort of try to return to everybody so proceeding look why do business select to primary separate savings account there are Papaya Global Tax Calendar 2021/22 Uk companies out there doing exactly this for specific nations and I have actually operated in a service or many services doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s dealing with 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 quantity that we are I think many reasons one is it’s the standard I think people have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have embraced 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 type of do it so I believe there’s a variety I think this is a process that needs looking at it requires changing but ultimately people are really stuck with what they’re familiar
with right um change is a hard thing all of us don’t like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping several checking account but there’s a substantial quantity of intricacy chooses setting up a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is substantial however I think the sincere answer is modification um individuals have not had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to monitor and this approach does posture numerous challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you changed our Enterprise 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 workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Tax Calendar 2021/22 Uk