Over the last 5 or 6 years …Papaya Global Global Tax Code Changes… roles on the supplier side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing 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 everyone originates from and I really do hope it’s much sunnier than it is 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 really very dreary and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll also review a wrap-up and that must leave his time at the extremely 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 workforces end up being a growing number of common and handling them ends up being increasingly more intricate Worldwide organizations are looking to discover Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment standpoint many organizations maintain different checking account just for payroll while some have numerous accounts in different countries does it make sense for business to keep separate bank accounts in some cases in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies simplify the episode complex procedures of
making payroll payments properly effectively 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 anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly regulations compliance information security and banking rules then there are the large numbers they add more complexity the international Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll design there’s often a frustrating variety of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really extremely standard there’s no genuine consistency framework we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every 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 services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide services have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the required several procedures 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 service face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be included best 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 nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link 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 permitting us to type of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely essential that payroll and finance groups work better together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market 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 anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on well-being and the payment landscape is ending up being progressively detailed. Organizations are constantly introducing brand-new advantages and payment alternatives, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can cause inadequacies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technologically advanced age, there’s no reason for maintaining troublesome procedures. Payroll, the business’s most significant cost, need to be processed properly and on time. Even minor hold-ups can adversely impact workers’ wellness and have significant consequences. For that reason, it’s important to focus on accurate and timely payments.
payroll group get um so I’m uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise 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 things is definitely important that all of this things is done correctly so leveraging the very first Global Payments first payroll payment solution is a terrific primary step um supplying an end-to-end payroll service for your employees globally again I believe is another huge um procedure again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of businesses and minimizing the number of tools platforms and savings account they require for their International 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how essential 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and kind of try to get back to everybody so carrying on appearance why do companies select to main separate savings account there are Papaya Global Global Tax Code Changes companies out there doing exactly this for particular countries and I’ve operated in an organization or numerous companies doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for any person where we do not have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think 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 believe people have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually adopted 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 methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires altering however ultimately people are extremely stuck to what they recognize
with right um modification is a hard thing we all don’t like modification um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving multiple bank accounts however there’s a huge amount of complexity opts for establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is huge however I think the honest response is modification um individuals haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or two there is a lot to monitor and this method does pose a number of challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a range 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 workers you should have a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Global Tax Code Changes