Over the last 5 or six years …Can I Reprint A P60 On Papaya Global… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately 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 currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 very very bleak and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a recap which must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and managing them becomes increasingly more complex Global organizations are aiming to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment perspective many organizations maintain separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain separate checking account sometimes in various countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the large numbers they include more intricacy the global Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 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 conventional payroll model there’s frequently an overwhelming number of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really really fundamental there’s no real consistency framework we’re residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization spends on global payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of international services have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be included right and what does
it need to be considered 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 anywhere you look best eventually developing a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to contribute to type of the level of intricacy there’s more and more advantages being organ or being offered by businesses across the world so once again you’re just seeking to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would certainly state that the bigger an organization 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 groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily 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 efficient and they don’t make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from a cost perspective from an impact viewpoint on employees it is definitely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental result on people’s wellness and numerous other elements if people aren’t paid uh I have actually always been astonished coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has actually 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 however eventually payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is an excellent first step um supplying an end-to-end payroll option for your staff members worldwide again I believe is another substantial um process again lining up and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of services and lowering the variety of tools platforms and bank accounts they need for their Worldwide 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyhow 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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean 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 attempt to look through them and really see what was going on and kind of try to return to everyone so proceeding look why do companies select to primary different checking account there are Can I Reprint A P60 On Papaya Global services out there doing exactly this for particular nations and I have actually worked in a service or lots of companies doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and anybody that’s managing 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 think numerous reasons one is it’s the standard I believe individuals have actually got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires changing but eventually individuals are extremely stuck to what they’re familiar
with right um change is a difficult thing we all don’t like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving numerous checking account however there’s a big quantity of complexity opts for establishing a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is substantial however I think the sincere response is modification um individuals haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to track and this method does present numerous obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Can I Reprint A P60 On Papaya Global