Over the last 5 or six years …Papaya Global Tax Code Changes 2021/22… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes 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 drizzling here it’s very extremely dreary and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also go over a recap and that ought to leave his time at the very extremely 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 International workforces become more and more typical and handling them ends up being increasingly more complex International organizations are wanting to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment viewpoint numerous organizations keep separate bank account just for payroll while some have multiple accounts in various nations does it make sense for business to keep different bank accounts often in different countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include further intricacy the international Labor force is presently three and a half billion people by 2030 it’s approximated 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 organizations and growing all doing their own thing all over the world in the conventional payroll model there’s frequently an overwhelming variety of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or very extremely basic there’s no genuine consistency structure we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I believe
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 Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of global organizations have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the required several 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 organization face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be included ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 anywhere you look right ultimately constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to type of move on with that it likewise too to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide 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 process it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the compensation landscape is becoming increasingly detailed. Businesses are constantly presenting new benefits and payment choices, which contributes to the overall complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technically innovative era, there’s no justification for preserving troublesome treatments. Payroll, the company’s most significant expenditure, need to be processed correctly and on time. Even small hold-ups can adversely impact workers’ wellness and have significant consequences. For that reason, it’s crucial to prioritize accurate and timely payments.
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment service is a fantastic first step um providing an end-to-end payroll service for your workers globally again I think is another big um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and minimizing the variety of tools platforms and checking 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how important a role 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 envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying 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 check out them and really see what was going on and kind of try to get back to everyone so proceeding look why do business select to main separate checking account there are Papaya Global Tax Code Changes 2021/22 services out there doing precisely this for specific nations and I have actually worked in a company or lots of services doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not producing extra 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 think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have actually 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 process that needs taking a look at it requires changing but eventually people are really stuck with what they’re familiar
with ideal um modification is a challenging thing all of us do not like modification um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having maintaining multiple savings account but there’s a big quantity of complexity opts for establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is huge but I think the sincere answer is modification um individuals haven’t had the ability to change or have not had necessarily the understanding 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 understanding you know and there is an element of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century approximately there is a lot to monitor and this technique does pose several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I just 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 Worldwide employees you should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Tax Code Changes 2021/22