Over the last five or 6 years …Papaya Global And Nest Pension… functions on the service provider side and likewise on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating 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 everyone comes from and I really 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 extremely bleak and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical 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.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and find how enhancing international payroll payments can transform them from a difficult task into a tactical asset.
Handling payroll internationally is a difficult job due to different policies, compliance requirements, information security issues, and banking rules. The large variety of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically result in manual processes, data silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. In spite of living in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and options to simplify and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on international payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide services have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great question I always toss this back and say what is it what does not need to be included right and what does
it require to be thought about there’s differing Bank details 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 capabilities 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 consumer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 definitely basic and technology is allowing us to type of move forward with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work closer together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the settlement landscape is becoming progressively complex. Companies are continuously presenting new benefits and payment choices, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t have to be the case. In today’s highly innovative period, there’s no reason for maintaining troublesome treatments. Payroll, the company’s most significant expense, must be processed correctly and on time. Even slight hold-ups can negatively affect employees’ well-being and have far-reaching repercussions. For that reason, it’s crucial to focus on accurate and prompt payments.
payroll team get um so I’m not sure anyone on this type of webinar has been told 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 employees or not um but eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong however 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 also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is an excellent initial step um providing an end-to-end payroll option for your staff members globally again I believe is another big um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of businesses and decreasing the variety of tools platforms and bank accounts they require for their Global 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know 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 involved in those processes and likewise so envision sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t envision 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 actually see what was going on and sort of try to return to everyone so carrying on appearance why do companies select to primary separate bank accounts there are Papaya Global And Nest Pension businesses out there doing precisely this for specific countries and I’ve worked in a service or lots of organizations doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I think individuals have actually got so utilized to we need a brand-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 just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a process that requires looking at it needs altering but ultimately individuals are very stuck to what they’re familiar
with right um change is a difficult thing all of us do not like modification um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having keeping numerous bank accounts however there’s a big amount of intricacy opts for establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is substantial however I believe the truthful answer is change um individuals haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be identified to be the next Century approximately there is a lot to track and this technique does posture a number of obstacles um so Johnny could you inform 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 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 more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global And Nest Pension