Over the last 5 or six years …Papaya Global Hmrc Notice Coding… roles on the service provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting 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 everyone 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 raining here it’s really extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep different
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to optimize working capital, and find how enhancing international payroll payments can transform them from a troublesome job into a tactical property.
Handling payroll worldwide is a daunting job due to various policies, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and services adds to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and a lack of combination, causing inconsistencies and inefficiencies. Despite residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global businesses have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round everything off and the data is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be included best and what does
it need to be thought about there’s varying 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely essential and technology is enabling us to type of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work closer together than ever um I’m constantly 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 work in the payroll profession 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by businesses across the world so again you’re simply seeking to include a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or genuine challenging kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of years I would certainly say that the larger a company 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 info into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they simply 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 age that you know that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single most significant liability that any service has from an expense point of view from an impact perspective on staff members it is absolutely vital 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 need to be done right it has the greatest harmful effect on individuals’s wellness and many other factors if people aren’t paid uh I have actually always been amazed 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 anyone on this sort of webinar has actually been informed 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 employees or not um however ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however 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 also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent primary step um offering an end-to-end payroll solution for your employees worldwide once again I believe is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and minimizing the variety of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 everyone that’s involved in those processes and also so envision sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the amount of people 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 suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require 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 carrying on appearance why do companies pick to main separate bank accounts there are Papaya Global Hmrc Notice Coding businesses out there doing precisely this for particular countries and I’ve operated in an organization or lots of services doing precisely that I can state it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think individuals have got so used to we need a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering but ultimately individuals are very stuck with what they’re familiar
with ideal um modification is a challenging thing we all do not like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping several bank accounts however there’s a huge quantity of intricacy opts for setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is substantial however I believe the sincere response is change um people have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we have actually always 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 might nearly be figured out to be the next Century or two there is a lot to keep track of and this method does present a number of challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Hmrc Notice Coding