Over the last 5 or six years …Papaya Global Hmrc P60 Form… roles on the company side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 extremely gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll likewise go over a wrap-up which must leave his time at the really extremely 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 Worldwide workforces become a growing number of common and managing them becomes a growing number of intricate International companies are aiming to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective numerous companies maintain different savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain different savings account often in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies streamline the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and discover how improving international payroll payments can change them from a troublesome task into a strategic asset.
Handling payroll internationally is a challenging task due to different regulations, compliance requirements, information security issues, and banking guidelines. The sheer variety of workers and organizations adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and an absence of integration, resulting in disparities and inadequacies. Regardless of living in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and solutions to streamline and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes improperly interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is shipped to the incorrect place 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 globe payroll and payments don’t run efficiently if they count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be consisted of 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 timespan there’s payment capabilities 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 wherever you look right ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they are like super payments no if however some children 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 technology is allowing us to sort of move forward with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to add to sort of the level of complexity there’s increasingly more advantages being organ or being provided by businesses throughout the world so again you’re just seeking to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or genuine challenging kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments functions 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 managing the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost point of view from an impact point of view on workers it is absolutely crucial that it’s done correctly and on time so what we suggest 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 destructive effect on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been astonished entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however 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 stuff is definitely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is an excellent primary step um offering an end-to-end payroll service for your workers globally again I believe is another substantial um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and minimizing the variety of tools platforms and savings account they require for their Worldwide 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 have actually 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 problems where things have not gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how crucial 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 processes and likewise so think of sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and kind of shot to return to everyone so carrying on appearance why do companies choose to primary separate savings account there are Papaya Global Hmrc P60 Form businesses out there doing precisely this for particular countries and I’ve worked in an organization or numerous companies doing precisely that I can state it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and any person that’s handling that process 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 many reasons one is it’s the standard I believe people have got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering however ultimately people are very stuck with what they’re familiar
with right um modification is a tough thing all of us don’t like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping several savings account however there’s a substantial amount of complexity chooses establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is substantial however I believe the truthful answer is modification um people have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century or two there is a lot to monitor and this technique does posture several challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply did you changed our Enterprise 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 employees you are worthy of a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Hmrc P60 Form