Apprenticeship Levy Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …Apprenticeship Levy Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody 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 really really uninspiring and I want 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 obstacle years of managing Global payroll why business keep separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them becomes more and more complex Global organizations are aiming to discover Solutions and new ways to simplify processes specifically from a payroll and cross-border payment viewpoint numerous organizations preserve separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain separate bank accounts sometimes in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business streamline the episode complex processes of

making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there’s typically an overwhelming variety of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or really really standard there’s no real consistency structure we’re living in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in global payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global businesses have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they count on the essential numerous procedures systems and partners it is simply 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 making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does

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it need to be thought about 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely payments no if however some infants 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 acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of crucial to add to type of the level of complexity there’s increasingly more advantages being organ or being offered by services across the world so again you’re just seeking to add more and more payments to this already 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 real challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense viewpoint from an effect perspective on workers it is absolutely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive result on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been amazed entering this Market sort of the last five to 10 years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. For that reason, it is essential to make sure that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the very first Worldwide Payments first payroll payment option is a fantastic preliminary step towards offering a detailed payroll service for workers worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and savings account needed for international payroll are essential consider achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.

anyhow we understand how how crucial a function 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 everybody that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially 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 however it would certainly be an interesting task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and sort of shot to return to everybody so moving on appearance why do business choose to primary separate checking account there are Apprenticeship Levy Papaya Global companies out there doing exactly this for specific countries and I have actually operated in an organization or many companies doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I believe individuals have got so used to we require a brand-new bank 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 believe it’s simply been the standard and the standard 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 numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering but ultimately people are extremely stuck to what they’re familiar

with best um modification is a challenging thing all of us don’t like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping several checking account but there’s a big amount of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is big but I think the truthful response is modification um individuals haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or two there is a lot to keep track of and this approach does pose numerous difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so

I simply 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 International staff members you should have a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Apprenticeship Levy Papaya Global