Over the last 5 or six years …Papaya Global Pension Data Exchange… functions on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine 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 quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain different
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also provide a recap of the main points 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 organizations running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and find how improving global payroll payments can change them from a troublesome task into a tactical property.
Handling payroll globally is a daunting task due to various policies, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and services contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual processes, data silos, and an absence of combination, causing disparities and inefficiencies. Regardless of residing in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to supply insights and services to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization invests in international payroll the less of an image they see a lack of presence also extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide organizations 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 because of time reporting poor HCM information data entry errors inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they rely on the needed several processes 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 business face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t need to be consisted of right and what does
it require to be thought of 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely essential and technology is enabling us to sort of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely important 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 anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on well-being and the settlement landscape is becoming increasingly complex. Businesses are constantly introducing brand-new advantages and payment alternatives, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s technologically sophisticated era, there’s no reason for keeping troublesome treatments. Payroll, the business’s greatest cost, need to be processed correctly and on time. Even slight hold-ups can adversely affect employees’ well-being and have far-reaching repercussions. Therefore, it’s important to prioritize precise and prompt payments.
payroll team get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout 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 important that all of this things is done properly so leveraging the first Global Payments first payroll payment service is a great first step um providing an end-to-end payroll solution for your employees internationally once again I believe is another huge um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of services and reducing the variety of tools platforms and bank accounts they need for their Global 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial a function 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 simply I was simply gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that many thank you notes um I imply 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 definitely 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 try to browse them and really see what was going on and kind of shot to get back to everybody so moving on look why do business pick to main separate bank accounts there are Papaya Global Pension Data Exchange organizations out there doing exactly this for particular nations and I have actually operated in a business or many companies doing exactly that I can say it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we don’t have to and anybody 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 think lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions 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 contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering but eventually people are very stuck with what they’re familiar
with ideal um modification is a challenging thing we all do not like modification um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining multiple savings account however there’s a huge amount of complexity chooses establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the intricacy is big however I think the sincere response is change um people haven’t had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we have actually always 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 could practically be figured out to be the next Century approximately there is a lot to keep track of and this approach does pose numerous challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Pension Data Exchange