Over the last 5 or 6 years …Papaya Global Instant Is Not Using The Correct Tax Code… functions on the service provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone 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 type of let them do that so it ‘d be rather fascinating 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 everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really bleak and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession 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.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most importantly policies compliance data security and banking guidelines then there are the large numbers they include further complexity the global Workforce is currently three and a half billion people 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 organizations and growing all doing their own thing around the globe in the standard payroll design there’s frequently an overwhelming variety of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely very standard there’s no real consistency framework we’re living in an era 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 typically with pen and paper which simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global services have expressed that they do not 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 poor HCM information information entry mistakes badly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the necessary numerous procedures 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 service face when they’re paying to workers or otherwise that’s a good question I always toss this back and state what is it what does not require to be included right and what does
it require to be considered 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of progress with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 procedure it’s the point of data collection all the way through to paying people wherever 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 kind of the level of intricacy there’s more and more benefits being organ or being provided by businesses throughout the world so once again you’re just wanting to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any company has from a cost point of view from an effect viewpoint on employees it is definitely critical 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 have to be done right it has the most significant detrimental result on people’s wellness and numerous other aspects if people aren’t paid uh I’ve always been impressed entering this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just discover when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally also. For that reason, it is essential to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the first International Payments first payroll payment service is a terrific preliminary step towards supplying a thorough payroll option for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and checking account required for worldwide payroll are crucial factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as planned. Ultimately, we do not do it for the gratitude.
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 associated with those processes and likewise so envision sorry I’m simply I was just gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t envision 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 actually see what was going on and kind of try to return to everybody so proceeding appearance why do business pick to main separate bank accounts there are Papaya Global Instant Is Not Using The Correct Tax Code organizations out there doing precisely this for specific countries and I have actually operated in a service or many businesses 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 anybody where we do not 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 quantity that we are I believe numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it requires changing but ultimately people are extremely stuck with what they’re familiar
with right um modification is a hard thing we all do not like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving numerous checking account but there’s a huge amount of intricacy chooses setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is substantial but I think the sincere answer is modification um individuals haven’t been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or two there is a lot to monitor and this approach does pose several challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Instant Is Not Using The Correct Tax Code