Over the last 5 or 6 years …Papaya Global Pension Maintenance File… functions on the company side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to enhance working capital, and find how enhancing global payroll payments can transform them from a troublesome task into a strategic asset.
Handling payroll internationally is a daunting job due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and businesses contributes to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual processes, information silos, and a lack of combination, leading to disparities and inadequacies. Regardless of residing in an age of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and services to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors inadequately communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and say what is it what does not require to be included best and what does
it need to be thought about 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 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 client’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is definitely vital however all over you look with payroll payment they are like super 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 basic and technology is enabling us to type of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work better together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the settlement landscape is becoming progressively complex. Organizations are continually introducing brand-new advantages and payment options, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technologically sophisticated age, there’s no validation for keeping troublesome treatments. Payroll, the company’s biggest cost, must be processed properly and on time. Even small hold-ups can negatively affect workers’ well-being and have far-reaching effects. For that reason, it’s crucial to focus on accurate and prompt payments.
payroll group get um so I’m unsure anyone on this type of webinar has actually been told 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 staff members or not um but eventually payroll is such an essential cycle we all 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 deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is a great primary step um supplying an end-to-end payroll solution for your workers internationally again I believe is another huge um procedure again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of companies and lowering the number of tools platforms and bank accounts 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how important a role 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 procedures and likewise so imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean up 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 need days of the week to attempt to check out them and in fact see what was going on and sort of shot to get back to everybody so proceeding appearance why do companies select to main different checking account there are Papaya Global Pension Maintenance File businesses out there doing exactly this for specific nations and I’ve operated in a business or many companies doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for any person where we do not need to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I think people have got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires changing however eventually people are very stuck to what they’re familiar
with best um change is a hard thing all of us do not like change um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping multiple checking account however there’s a huge amount of intricacy chooses setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is big but I believe the honest answer is change um individuals have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does pose a number of obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Pension Maintenance File