Over the last five or six years …O Papaya Global How Do You Add Pensions Paid Externally… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very dreary and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business preserve different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, 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 streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to optimize working capital, and find how simplifying international payroll payments can transform them from a difficult job into a strategic asset.
Handling payroll globally is a challenging job due to various regulations, compliance requirements, data security issues, and banking rules. The sheer number of employees and businesses contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global organizations have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be thought of 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 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 anywhere you look best ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they resemble very payments no if but some babies 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to kind of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the settlement landscape is becoming increasingly intricate. Companies are constantly presenting new advantages and payment alternatives, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically innovative age, there’s no reason for preserving troublesome treatments. Payroll, the business’s biggest expense, must be processed properly and on time. Even minor hold-ups can adversely affect staff members’ wellness and have far-reaching repercussions. Therefore, it’s important to focus on precise and prompt payments.
payroll group get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial 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 exercise 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 definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll solution for your staff members worldwide again I believe is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of organizations and decreasing the variety of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyway 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 everyone that’s associated with those processes and also so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and type of try to return to everyone so moving on appearance why do companies pick to main different bank accounts there are O Papaya Global How Do You Add Pensions Paid Externally services out there doing exactly this for particular nations and I have actually worked in an organization or lots of organizations doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not have to and any person 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 many factors one is it’s the requirement I think people have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires altering however ultimately individuals are really stuck with what they recognize
with right um change is a difficult thing we all do not like modification um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining several checking account however there’s a big amount of intricacy chooses setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is big however I believe the sincere response is change um people haven’t been able to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or two there is a lot to monitor and this method does present numerous obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. O Papaya Global How Do You Add Pensions Paid Externally