Papaya Global 50 Mid Year Set Up For Uk FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global 50 Mid Year Set Up For Uk… roles on the company side and likewise on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes 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 really uninspiring and I wish I was elsewhere 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 challenge years of managing International payroll why companies preserve different

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different bank accounts 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 talk about why they are ending up being a tactical possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the global Workforce is currently 3 and a half billion individuals by 2030 it’s estimated 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 traditional payroll model there’s typically an overwhelming variety of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really very fundamental there’s no real consistency framework we’re residing in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically 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 just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of international companies have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the information is delivered 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 need to move the money around the globe payroll and payments do not run smoothly if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and state what is it what does not need to be included right 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 nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like incredibly payments no if however 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to sort of move on with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely crucial that payroll and financing groups work closer together than ever um I’m always surprised when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being offered by companies across the world so once again you’re just aiming to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or real challenging type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to produce additional handoffs at the same times 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 era of tech and an age that you know that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from a cost point of view from an effect perspective on employees 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 biggest damaging result on people’s wellness and many other factors if individuals aren’t paid uh I’ve always been impressed entering this Market kind of the last five to 10 years is how little thanks the

The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally too. Therefore, it is essential to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Using the first Global Payments very first payroll payment option is a great initial action towards providing a detailed payroll option for workers worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and bank accounts required for global payroll are key factors in attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things do not go as prepared. Eventually, we don’t do it for the thankfulness.

anyhow we understand how how important 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 just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of 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 was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and sort of shot to return to everybody so moving on appearance why do companies choose to main separate bank accounts there are Papaya Global 50 Mid Year Set Up For Uk companies out there doing exactly this for particular countries and I’ve worked in a company or numerous 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 extra work for anybody where we don’t have to and any person that’s dealing with 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 many factors one is it’s the requirement I believe people have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs altering however eventually individuals are extremely stuck with what they’re familiar

with best um modification is a difficult thing we all don’t like modification um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining multiple bank accounts however there’s a substantial quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is huge but I think the sincere response is modification um people haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to track and this method does pose a number of obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so

I just 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 Global workers you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 50 Mid Year Set Up For Uk