Over the last five or 6 years …Can You Reprint A P45 On Papaya Global… functions on the company side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 extremely very gloomy and I want 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 challenge years of handling Global payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll likewise review a wrap-up and that ought to leave his time at the very 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 Global workforces become increasingly more common and managing them ends up being increasingly more complicated International companies are wanting to find Solutions and brand-new methods to enhance procedures specifically from a payroll and cross-border payment standpoint numerous companies maintain different bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain separate bank accounts in some cases in various nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business simplify the episode complex procedures of
Ensuring precise, efficient, and timely payroll payments is a complex challenge for organizations running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to enhance working capital, and find how improving international payroll payments can change them from a difficult task into a tactical possession.
Managing payroll worldwide is an overwhelming task due to numerous guidelines, compliance requirements, data security issues, and banking rules. The large variety of staff members and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and an absence of integration, leading to inconsistencies and inefficiencies. Regardless of living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to supply insights and options to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on global payroll the less of a picture they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of global companies have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they count on the required numerous procedures 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 business face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be included ideal 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 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 client’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they are like super payments no if but some children 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 definitely basic and innovation is permitting us to sort of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely imperative that payroll and finance groups work better together than ever um I’m always impressed 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 operate in the payroll occupation would they divide 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 individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to add to kind of the level of complexity there’s increasingly more advantages being organ or being offered by organizations across the world so once again you’re just looking to include a growing number of payments to this currently intricate 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 real difficulties or real difficult kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact managing the payment side of things but you understand 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 need to create extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any company has from a cost perspective from an impact perspective on staff members it is definitely critical that it’s done properly and on time so what we mean 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 detrimental result on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been surprised entering into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure 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 workers or not um but eventually payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise 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 stuff is definitely important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll option for your employees internationally once again I think is another big um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of services and lowering the number of tools platforms and bank accounts they require 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 ever 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 grievances where things haven’t gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how crucial 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 easy as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na state think of the amount 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 numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many 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 envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everybody so proceeding look why do companies choose to primary different bank accounts there are Can You Reprint A P45 On Papaya Global businesses out there doing precisely this for particular countries and I have actually operated in an organization or numerous businesses doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity 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 bank account we open an entity and appropriately so you require 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 add to that individuals have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it requires altering however ultimately individuals are extremely stuck with what they’re familiar
with right um change is a tough thing all of us don’t like change um so I believe it’s simply kind of moving far 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 maintaining numerous savings account but there’s a big amount of complexity goes with establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is substantial but I believe the sincere answer is modification um individuals haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to monitor and this approach does pose numerous difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Can You Reprint A P45 On Papaya Global