Over the last 5 or 6 years …How To Update From P46 To P45 On Papaya Global… roles on the provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually 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 extremely extremely dreary and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they include further complexity the global Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll design there’s frequently a frustrating variety of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely very standard there’s no real consistency structure we’re living in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
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 Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of international organizations have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is shipped to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a good question I always toss this back and say what is it what does not need to be included best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 consumer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is definitely important but all over you look with payroll payment they resemble extremely payments no if but 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 recognition that payroll payments are absolutely basic and innovation is permitting us to type of move forward with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m constantly amazed when people say I’ve divided 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 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 data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to type of the level of complexity there’s a growing number of advantages being organ or being provided by businesses across the world so again you’re just aiming to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine challenging type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from an expense point of view from an impact point of view on employees it is definitely important that it’s done properly 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 biggest damaging effect on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Global Payments very first payroll payment service is a terrific first step um providing an end-to-end payroll solution for your employees globally again I think is another huge um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of services and decreasing the number of tools platforms and checking account they need for their International 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 ever 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 complaints where things haven’t gone rather where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyway 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 simple as possible for everybody that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting 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 need days of the week to attempt to check out them and in fact see what was going on and kind of try to get back to everyone so proceeding appearance why do companies choose to main separate bank accounts there are How To Update From P46 To P45 On Papaya Global businesses out there doing exactly this for particular nations and I’ve worked in a service or lots of companies doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for any person where we do not need to and anybody that’s dealing with 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 quantity that we are I think many factors one is it’s the requirement I believe people have actually got so used to we need a new bank account we open an entity and rightly so you require 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 standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering but eventually individuals are really stuck to what they recognize
with ideal um change is a tough thing we all do not like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining several savings account but there’s a big quantity 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 specific individuals so the complexity is substantial however I think the sincere answer is change um individuals have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no real reason for not looking 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 monitor and this method does present several obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety 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 International staff members you deserve a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Update From P46 To P45 On Papaya Global