Over the last five or six years …How To Claim Employment Allowance Through Papaya Global… roles on the company side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple 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 rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really dreary and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also go over a recap which must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more typical and managing them ends up being more and more intricate Global organizations are looking to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment viewpoint lots of companies keep different checking account just for payroll while some have several accounts in different countries does it make sense for companies to maintain separate bank accounts in some cases in various nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the worldwide Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people 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 worldwide in the conventional payroll design there’s frequently a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very very fundamental there’s no real consistency framework 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 just blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on global payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the data is shipped to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what does not require to be included best and what does
it require to be thought about there’s varying Bank information 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to type of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people say I have actually divided 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 calculation I would say no so why do we as an industry accept that why our payroll and payments so often 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 any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on wellness and the settlement landscape is ending up being significantly intricate. Companies are continually introducing brand-new advantages and payment options, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly innovative era, there’s no justification for preserving cumbersome procedures. Payroll, the company’s biggest expense, need to be processed properly and on time. Even slight hold-ups can adversely affect employees’ well-being and have far-reaching effects. Therefore, it’s critical to focus on accurate and prompt payments.
payroll team get um so I’m unsure anybody 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 workers or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody 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 deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is an excellent initial step um offering an end-to-end payroll service for your staff members internationally once again I think is another huge um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of services and reducing the number of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to 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 five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I don’t think any of us are in fact 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 simple as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everyone so moving on appearance why do business choose to main different bank accounts there are How To Claim Employment Allowance Through Papaya Global businesses out there doing precisely this for specific countries and I’ve worked in an organization or numerous companies 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 creating extra work for anyone where we don’t have to and anybody 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 believe numerous factors one is it’s the standard I believe individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you require 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 norm individuals have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires changing however eventually people are really stuck with what they’re familiar
with right um modification is a challenging thing all of us do not like modification um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping multiple bank accounts however there’s a huge quantity of complexity opts for establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private people so the complexity is substantial but I think the honest response is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does pose numerous obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a variety 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 are worthy of a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you How To Claim Employment Allowance Through Papaya Global