Over the last 5 or six years …Papaya Global Due To Hmrc… roles on the service provider side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 drizzling here it’s extremely very dreary and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also go over a wrap-up and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them becomes more and more intricate Global companies are seeking to discover Solutions and new ways to simplify processes especially from a payroll and cross-border payment standpoint lots of companies preserve different savings account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve different bank accounts in some cases in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments accurately effectively safely 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 precisely anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include more complexity the international Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals 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 worldwide in the standard payroll model there’s typically a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very extremely standard there’s no genuine consistency structure we’re residing in a period of tech but payroll has actually 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 just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of an image they see a lack of visibility also extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global services have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations along with absence management and system configurations and then when you round everything off and the information is delivered to the wrong location the average expense 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 world payroll and payments do not run efficiently if they depend on the needed multiple 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 challenges company face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t require to be included best and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy any place you look best eventually constructing a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 innovation is permitting us to type of move on with that it also too to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work closer together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on well-being and the settlement landscape is ending up being significantly intricate. Businesses are continuously presenting brand-new benefits and payment alternatives, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today’s highly advanced era, there’s no justification for keeping cumbersome procedures. Payroll, the business’s biggest cost, should be processed properly and on time. Even minor delays can negatively impact employees’ well-being and have far-reaching repercussions. For that reason, it’s critical to focus on precise and timely payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout 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 absolutely vital that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a fantastic primary step um supplying an end-to-end payroll option for your staff members worldwide again I think is another big um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of businesses and decreasing the variety of tools platforms and savings account they need for their Global 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t 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 know 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 involved in those procedures and also so think of sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying 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 require days of the week to try to look through them and in fact see what was going on and type of shot to return to everyone so carrying on look why do business pick to primary separate savings account there are Papaya Global Due To Hmrc companies out there doing exactly this for particular countries and I have actually operated in a company or numerous services doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and any person that’s managing that process 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 believe many reasons one is it’s the requirement I believe individuals have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it requires changing but ultimately individuals are really stuck with what they recognize
with best um modification is a hard thing we all don’t like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining multiple checking account however there’s a substantial amount of complexity opts for establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is substantial however I believe the honest answer is change um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge 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 benefits and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or so there is a lot to keep track of and this approach does pose numerous challenges um so Johnny could you inform us about those obstacles yeah naturally 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Due To Hmrc