Over the last five or 6 years …How To Issue P60 On Papaya Global… roles on the service provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give 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 sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses 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 difficult in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they add further intricacy the global Labor force is currently three and a half billion individuals 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll design there’s typically an overwhelming variety of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or extremely very fundamental there’s no genuine consistency structure we’re living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they depend on the essential multiple processes 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 challenges service face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and state what is it what does not require to be included ideal and what does
it require to be thought about 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble super payments no if but some babies 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 think there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to kind of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely vital that payroll and financing groups work better together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on wellness and the payment landscape is ending up being significantly intricate. Organizations are continually presenting brand-new advantages and payment choices, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s highly advanced period, there’s no justification for preserving cumbersome procedures. Payroll, the business’s most significant expense, must be processed correctly and on time. Even small hold-ups can negatively affect staff members’ wellness and have significant effects. For that reason, it’s vital to prioritize precise and prompt payments.
payroll group 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 excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is a fantastic first step um providing an end-to-end payroll solution for your workers internationally once again I think is another substantial um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 easy as possible for everyone that’s associated with those procedures and also so picture sorry I’m simply I was just gon na say picture 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 speaking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and sort of shot to return to everyone so carrying on look why do business select to primary different savings account there are How To Issue P60 On Papaya Global companies out there doing precisely this for particular nations and I’ve worked in an organization or lots of businesses doing precisely that I can say it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anyone where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it requires changing but ultimately individuals are extremely stuck to what they recognize
with best um change is a difficult thing we all don’t like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining several savings account but there’s a huge amount of complexity goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is substantial however I believe the truthful response is modification um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to track and this approach does position numerous challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply 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 staff members you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you How To Issue P60 On Papaya Global