Over the last five or 6 years …How Do I Create A Bacs File In Papaya Global… functions on the company side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everyone another couple of uh well among 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 already simply to hear where everybody 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely dreary 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 obstacle years of handling International payroll why business preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also discuss a wrap-up which should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more common and managing them ends up being more and more intricate International organizations are looking to find Solutions and new methods to improve processes specifically from a payroll and cross-border payment standpoint lots of companies preserve different checking account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep different checking account often in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies streamline the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and find how enhancing global payroll payments can change them from a burdensome task into a tactical property.
Handling payroll globally is a difficult job due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer number of employees and organizations contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual procedures, data silos, and an absence of integration, leading to disparities and ineffectiveness. In spite of residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to provide insights and options to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on international payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes badly interacted hires and terminations along with absence management and system setups and then when you round it all off and the data is shipped to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint 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 an excellent question I constantly toss this back and say what is it what doesn’t require to be consisted of 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 country there’s payment timespan there’s payment abilities 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 customer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they are like 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 between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to kind of move forward with that it also too to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people state I have actually split 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 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 process it’s the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations throughout the world so again you’re simply wanting to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or real tough kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from a cost perspective from an impact 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 greatest destructive effect on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view 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 stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a fantastic first step um providing an end-to-end payroll service for your employees internationally once again I believe is another big um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of organizations and lowering the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how important 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 easy as possible for everyone that’s associated with those processes and also so think of sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t think of 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 kind of try to get back to everybody so proceeding appearance why do business choose to primary separate checking account there are How Do I Create A Bacs File In Papaya Global companies out there doing exactly this for particular countries and I’ve worked in a service or lots of companies doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and anyone that’s dealing with that procedure 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 numerous factors one is it’s the requirement I think individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it needs altering but eventually individuals are very stuck to what they’re familiar
with best um change is a hard thing all of us don’t like change um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining multiple bank accounts but there’s a big quantity of intricacy opts for setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is big but I believe the sincere response is change um people haven’t been able to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep track of and this method does present a number of difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. How Do I Create A Bacs File In Papaya Global