Over the last 5 or six years …Papaya Global Tax Calendar 2015… functions on the service provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation 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 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 type of like see where everybody originates from and I really 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 very very uninspiring and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll also go over a recap which ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them becomes more and more complicated International organizations are looking to discover Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment viewpoint lots of organizations keep different checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve separate checking account in some cases in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies streamline the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to enhance working capital, and find how simplifying international payroll payments can transform them from a difficult task into a strategic asset.
Managing payroll internationally is a difficult task due to various regulations, compliance requirements, data security concerns, and banking rules. The large number of workers and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual procedures, data silos, and a lack of integration, causing disparities and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to provide insights and options to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the information is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good question 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 differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 consumer’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 essential and technology is enabling us to type of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely vital that payroll and financing groups work more detailed together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on well-being and the settlement landscape is becoming increasingly complex. Companies are continually presenting new advantages and payment choices, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s highly innovative period, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s greatest cost, must be processed properly and on time. Even small delays can adversely affect staff members’ wellness and have significant repercussions. For that reason, it’s critical to focus on precise and timely payments.
payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a terrific first step um providing an end-to-end payroll solution for your staff members internationally once again I believe is another big um process once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of organizations and minimizing the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect 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 suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and sort of shot to get back to everyone so moving on appearance why do companies pick to primary separate bank accounts there are Papaya Global Tax Calendar 2015 organizations out there doing precisely this for specific nations and I have actually operated in an organization or many organizations doing precisely that I can say it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and anyone that’s handling 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 think many factors one is it’s the standard I think individuals have got so used 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 just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it needs altering however eventually individuals are really stuck with what they recognize
with right um change is a difficult thing we all don’t like modification um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having maintaining numerous bank accounts but there’s a big quantity of intricacy chooses setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is substantial but I think the truthful answer is modification um people have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep an eye on and this approach does posture a number of difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed our Business 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 International staff members you deserve a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Tax Calendar 2015