Over the last 5 or six years …How To Put Nest Pension Contributions Through Papaya Global… roles on the supplier side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates 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 raining here it’s very very bleak and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll also go over a recap which needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more typical and managing them becomes a growing number of complicated Global organizations are seeking to find Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment standpoint numerous companies keep separate savings account just for payroll while some have several accounts in different nations does it make sense for companies to maintain separate savings account often in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional complexity the global Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating variety of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or extremely really standard there’s no genuine consistency framework we’re residing 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 frequently with pen and paper and that just blows my mind each time I I think
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 gives me sleep deprived nights and rather honestly the more a service spends on global payroll the less of an image they see a lack of presence also encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global businesses have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the essential several processes systems and partners it is just 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 workers or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be consisted of right and what does
it need to be thought of there’s differing 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 consumer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is definitely critical but all over you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to kind of move on with that it also also to contribute to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and finance teams work more detailed 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 anybody what is payroll who does not work in the payroll occupation 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 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 anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations across the world so once again you’re just aiming to add a growing number of payments to this currently complex landscape so if you type 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 genuine difficulties or genuine tough sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run 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 an era 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 agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense perspective from an effect viewpoint on employees it is definitely vital 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 need to be done right it has the greatest harmful impact on individuals’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the first International Payments first payroll payment service is an excellent initial step um supplying an end-to-end payroll service for your staff members internationally once again I believe is another substantial um process once again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of organizations and decreasing 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 terms of 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 five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
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 associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to get back to everyone so carrying on look why do companies select to primary different savings account there are How To Put Nest Pension Contributions Through Papaya Global services out there doing exactly this for specific nations and I’ve operated in an organization or numerous companies doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it needs changing but eventually people are extremely stuck to what they’re familiar
with best um modification is a challenging thing all of us don’t like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping several savings account but there’s a huge amount of intricacy chooses setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is substantial however I think the truthful answer is modification um people 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 think you’ve hit the nail on the head I think it is understanding you know and there is a component 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 proceeding and moving into you understand what could nearly be determined to be the next Century or so there is a lot to track and this approach does present several difficulties 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 modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. How To Put Nest Pension Contributions Through Papaya Global