Over the last five or 6 years …Papaya Global Year End 2021 Tax Code Changes… roles on the company side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately 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 simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really bleak and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include more complexity the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll model there’s often an overwhelming variety of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or very very standard there’s no real consistency framework we’re residing in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide businesses have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors badly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be considered there’s varying 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 abilities 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 wherever you look right ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in 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 innovation is enabling us to type of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely important that payroll and finance groups work closer together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 often 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 but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to kind of the level of intricacy there’s a growing number of benefits being organ or being offered by organizations across the world so again you’re just seeking to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an effect viewpoint on workers it is absolutely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful impact on people’s well-being and many other aspects if individuals aren’t paid uh I have actually constantly been surprised entering this Market type of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only notice when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally also. For that reason, it is important to ensure that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the first International Payments very first payroll payment solution is a fantastic preliminary action towards providing a thorough payroll option for employees worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and savings account needed for international payroll are crucial consider achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as prepared. Ultimately, we do not do it for the appreciation.
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 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 envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean 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 attempt to look through them and actually see what was going on and sort of shot to get back to everyone so carrying on look why do business choose to primary different checking account there are Papaya Global Year End 2021 Tax Code Changes companies out there doing exactly this for specific nations and I have actually operated in an organization or numerous companies doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and anyone that’s managing that procedure 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 believe lots of reasons one is it’s the requirement I think people have got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually 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 numerous other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it requires altering however eventually people are really stuck to what they recognize
with right um modification is a challenging thing all of us do not like change um so I believe it’s simply type of moving away 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 keeping numerous checking account however there’s a huge quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is substantial however I believe the honest answer is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century or so there is a lot to track and this approach does posture several challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Year End 2021 Tax Code Changes