Over the last 5 or 6 years …Papaya Global Tax Calculator… functions on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly 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 drizzling here it’s very really uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies preserve different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex challenge for services running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to optimize working capital, and discover how improving international payroll payments can transform them from a burdensome task into a strategic property.
Managing payroll worldwide is a daunting job due to numerous policies, compliance requirements, data security concerns, and banking rules. The sheer number of employees and companies adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual procedures, data silos, and an absence of integration, causing inconsistencies and inefficiencies. Despite residing in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and services to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of global services 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 mistakes are because of time reporting poor HCM data data entry errors poorly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is shipped to the wrong location the average expense of a global information 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 don’t run efficiently if they rely on the necessary multiple procedures 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 workers or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be included right and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 intricacy any place you look ideal ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they are like super payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to sort of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more crucial to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being used by services across the world so again you’re simply aiming to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine difficult type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop additional handoffs while doing sos 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 a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an effect perspective on employees it is definitely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental result on individuals’s wellness and many other elements if individuals aren’t paid uh I have actually constantly been surprised entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only discover when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally as well. For that reason, it is vital to make sure that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the very first Worldwide Payments very first payroll payment solution is a fantastic initial action towards supplying a detailed payroll service for workers worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and bank accounts necessary for worldwide payroll are key consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we understand 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 everyone that’s involved in those procedures and also so picture sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying 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 need days of the week to attempt to check out them and in fact see what was going on and sort of shot to return to everybody so moving on appearance why do companies choose to primary different checking account there are Papaya Global Tax Calculator companies out there doing exactly this for specific countries and I have actually worked in a business or numerous companies doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not have to and any person that’s dealing with 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 amount that we are I believe lots of reasons one is it’s the standard I believe people have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a process that requires taking a look at it requires altering however ultimately individuals are really stuck with what they’re familiar
with best um modification is a hard thing all of us don’t like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving several bank accounts however there’s a big amount of complexity opts for establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge however I think the honest answer is change um people have not been able to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does position numerous challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Tax Calculator