Over the last five or six years …Starting Papaya Global During Tax Year… roles on the service provider side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather 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 comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very bleak and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also supply a recap 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 during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they add further complexity the global Workforce is currently three and a half billion individuals 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 consider that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll design there’s frequently a frustrating number of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely very standard there’s no real consistency structure we’re living in an age of tech however 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 which just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on global payroll the less of a picture they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global services have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors poorly interacted hires and terminations along with absence management and system setups and then when you round it all off and the information is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if but some children 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 think there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to sort of progress with that it likewise also to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work better together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation 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 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to contribute to type of the level of complexity there’s more and more benefits being organ or being offered by organizations throughout the world so once again you’re just looking to include more and more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or real difficult kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger a company 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things but 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 produce additional handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an era 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 challenging as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from an expense point of view from an effect perspective on staff members it is absolutely critical that it’s done properly 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 most significant harmful impact on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve constantly been surprised entering this Market kind of the last five to 10 years is how little thanks the
The payroll group may not have 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 essential cycle, and individuals just see when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. For that reason, it is important to ensure that jobs like Wi-Fi International and other crucial matters are done properly. Utilizing the very first International Payments very first payroll payment solution is an excellent preliminary step towards offering a comprehensive payroll service for employees worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and checking account necessary for global payroll are key factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know how how crucial 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 everyone that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely 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 browse them and in fact see what was going on and type of try to get back to everybody so carrying on look why do business choose to primary separate checking account there are Starting Papaya Global During Tax Year companies out there doing exactly this for particular countries and I have actually operated in an organization or numerous services doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we don’t need to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I think individuals have got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it needs altering but eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a difficult thing we all don’t like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping numerous savings account however there’s a substantial amount of complexity chooses setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is big but I think the truthful answer is modification um individuals have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this technique does pose a number of difficulties um so Johnny might you tell us about those challenges yeah of course 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 manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Starting Papaya Global During Tax Year