Over the last five or 6 years …Papaya Global Payroll Uk… functions on the company side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really bleak and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies keep separate
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they include further intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated 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 businesses and growing all doing their own thing worldwide in the standard payroll model there’s frequently a frustrating variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely very standard there’s no real consistency framework we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on global payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of global businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint 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 a good concern I constantly throw this back and state what is it what does not require to be included right 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 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 consumer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble super 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing 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 constantly surprised when people state 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 occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the settlement landscape is becoming progressively detailed. Services are constantly introducing new advantages and payment options, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my viewpoint, this does not need to be the case. In today’s highly advanced age, there’s no validation for maintaining troublesome procedures. Payroll, the company’s most significant expenditure, must be processed correctly and on time. Even minor hold-ups can adversely impact staff members’ well-being and have significant effects. For that reason, it’s vital to prioritize accurate and timely payments.
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just observe when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first International Payments very first payroll payment service is an excellent preliminary action towards offering a detailed payroll option for staff members worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and bank accounts needed for global payroll are essential factors in achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyway we know 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 everyone that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting 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 try to check out them and actually see what was going on and sort of shot to return to everyone so carrying on look why do companies pick to primary separate savings account there are Papaya Global Payroll Uk companies out there doing exactly this for particular nations and I have actually worked in a business or numerous businesses doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and any person that’s managing that procedure 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 think lots of reasons one is it’s the requirement I believe individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs altering however eventually individuals are really stuck with what they’re familiar
with right um change is a challenging thing we all do not like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping multiple bank accounts but there’s a substantial amount of intricacy chooses setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is big but I think the sincere response is change um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually constantly 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 could nearly be determined to be the next Century or so there is a lot to monitor and this approach does posture several difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I just did you switched our Business 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 Worldwide staff members you are worthy of a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Uk