Over the last 5 or 6 years …Why Does Papaya Global Not Match Hmrc… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes 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 raining here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies preserve separate
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can transform them from a challenging task into a tactical asset.
Managing payroll globally is a challenging job due to various policies, compliance requirements, data security concerns, and banking rules. The sheer variety of staff members and businesses adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and an absence of integration, resulting in disparities and inefficiencies. Despite living in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and services to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a business invests in international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of global services have actually expressed that they don’t 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 mistakes inadequately interacted hires and terminations as well as lack management and system setups and after that when you round it all off and the data is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the needed numerous procedures 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 making payments to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t need to be included ideal and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like super 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 definitely basic and technology is permitting us to sort of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work more detailed together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to add to type of the level of complexity there’s more and more advantages being organ or being used by organizations throughout the world so once again you’re simply looking to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or genuine tough type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from an expense viewpoint from an effect point of view on workers it is absolutely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on people’s well-being and numerous other factors if individuals aren’t paid uh I have actually constantly been astonished entering 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 actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial 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 just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is a great primary step um providing an end-to-end payroll solution for your workers internationally again I believe is another big um procedure again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of companies and minimizing the number of tools platforms and bank accounts they need 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how important a function 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 easy as possible for everybody that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh definitely 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 in fact see what was going on and sort of try to return to everybody so carrying on appearance why do companies choose to main different savings account there are Why Does Papaya Global Not Match Hmrc services out there doing precisely this for particular countries and I’ve worked in an organization or many services doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and anyone 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 quantity that we are I think numerous factors one is it’s the standard I think people have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires altering however eventually individuals are really stuck with what they recognize
with best um change is a difficult thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple checking account however there’s a substantial amount of complexity opts for setting up a checking account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is big however I think the truthful response is change um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from 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 aspect of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to track and this method does present a number of challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise 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 workers you should have a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Why Does Papaya Global Not Match Hmrc