Over the last 5 or six years …How To Get Old P45 On Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll likewise go over a recap which needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and managing them becomes increasingly more complicated Global organizations are seeking to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment standpoint many companies preserve separate bank account just for payroll while some have several accounts in different countries does it make good sense for business to maintain different checking account in some cases in various nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business streamline the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking 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 tactical asset so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add further complexity the international Workforce is presently 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 all over the world in the conventional payroll model there’s typically an overwhelming number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or very extremely fundamental there’s no genuine consistency structure we’re living in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes badly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the necessary multiple processes 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 challenges business face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be included right and what does
it need to be thought of 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is absolutely critical but all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 fundamental and innovation is permitting us to sort of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely important that payroll and financing groups work closer together than ever um I’m always surprised 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 work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market 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 data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to contribute to type of the level of complexity there’s more and more benefits being organ or being provided by organizations throughout the world so again you’re simply seeking to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or real challenging sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an effect perspective on workers it is definitely crucial 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 have to be done right it has the greatest damaging result on individuals’s wellness and lots of other elements if individuals aren’t paid uh I have actually constantly been impressed entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly 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 all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is a terrific initial step um offering an end-to-end payroll service for your employees worldwide again I think is another big um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of organizations and lowering the number of tools platforms and savings account they need for their International payroll too could not 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 countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how essential a role 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 simple as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and sort of try to get back to everybody so proceeding look why do business pick to main separate checking account there are How To Get Old P45 On Papaya Global organizations out there doing precisely this for particular nations and I’ve operated in a service or numerous companies doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not have to and anyone that’s managing that process 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 think lots of factors one is it’s the standard I think people have got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering but eventually people are extremely stuck to what they’re familiar
with right um modification is a hard thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining multiple checking account however there’s a big amount of intricacy goes with establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is substantial but I believe the truthful response is change um people have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to keep track of and this approach does present several challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I recently made a modification to our Business 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 improved capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. How To Get Old P45 On Papaya Global