Over the last 5 or 6 years …Papaya Global Hmrc Late… functions on the company side and also on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody 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 really gloomy and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add more complexity the global Workforce is currently three and a half billion people 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 factor in that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s typically a frustrating variety of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or very really fundamental there’s no real consistency framework we’re living in an age 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 typically with pen and paper and that simply blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of global organizations have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and then when you round it all off and the data is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be included best 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 nation there’s payment time frames there’s payment abilities 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 complexity anywhere you look ideal eventually developing a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to sort of move on with that it also too to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely vital that payroll and financing teams work better together than ever um I’m always astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more important to contribute to kind of the level of complexity there’s more and more advantages being organ or being provided by companies throughout the world so again you’re just wanting to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine challenging type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate in they just 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 era that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an effect viewpoint on employees it is absolutely 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 biggest damaging result on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been impressed coming into this Market type of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just notice when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally as well. For that reason, it is essential to guarantee that jobs like Wi-Fi International and other essential matters are done properly. Utilizing the very first Global Payments very first payroll payment solution is a terrific preliminary action towards offering a comprehensive payroll service for employees worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and savings account required for worldwide payroll are crucial factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
anyway we understand how how important 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 simple as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying 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 need days of the week to try to check out them and really see what was going on and sort of shot to return to everyone so moving on look why do business select to main different bank accounts there are Papaya Global Hmrc Late companies out there doing exactly this for particular nations and I’ve operated in a service or many services doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we do not need to and anyone that’s handling 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 amount that we are I believe lots of reasons one is it’s the standard I believe people have got so used to we need a new checking account we open an entity and rightly so you require 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 requirement and the standard 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 many other ways um to to sort of do it so I think there’s a range I believe this is a process that requires looking at it needs changing but eventually individuals are very stuck to what they recognize
with best um modification is a tough thing we all don’t like modification um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining numerous checking account but there’s a huge quantity of intricacy goes with setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is substantial but I think the sincere response is modification um individuals haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or so there is a lot to monitor and this technique does position several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Hmrc Late