Over the last five or six years …Papaya Global Says No Pension Data To Export… roles on the company side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody 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 certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really bleak and I wish I was elsewhere at this moment in time alright so let’s get started our agenda 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 separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise offer 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 difficulty for companies running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to optimize working capital, and discover how enhancing global payroll payments can transform them from a troublesome task into a strategic property.
Handling payroll internationally is a daunting task due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The large variety of workers and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual procedures, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Regardless of living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to supply insights and solutions to simplify and optimize international payroll payments.
about it to provide you a concept 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 offers me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal almost half of global companies have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the data is delivered to the wrong location the typical expense of a global 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 efficiently if they count on the required multiple processes 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 challenges company face when they’re paying to employees or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be included best and what does
it need to be considered there’s differing 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 wherever you look ideal eventually building a knowledge base is definitely important but 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 type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of progress with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing groups work better together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you stroll 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 an industry accept that why our payroll and payments so often 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to contribute to sort of the level of intricacy there’s more and more benefits being organ or being offered by services throughout the world so once again you’re just wanting to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost perspective from an impact point of view on employees it is definitely crucial that it’s done properly 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 destructive effect on people’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been amazed entering this Market kind of the last five to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only notice when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally as well. For that reason, it is necessary to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Utilizing the very first Global Payments very first payroll payment service is a terrific preliminary step towards offering a comprehensive payroll service for staff members worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account necessary for global payroll are crucial consider achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we understand how how crucial 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 everyone that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean up all those up for sure oh definitely 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 try to browse them and actually see what was going on and kind of shot to get back to everybody so carrying on appearance why do business choose to main separate bank accounts there are Papaya Global Says No Pension Data To Export services out there doing exactly this for particular nations and I have actually worked in a business or numerous organizations doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s handling 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 amount that we are I think many reasons one is it’s the standard I believe individuals have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing but ultimately individuals are really stuck to what they recognize
with best um modification is a challenging thing we all don’t like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping multiple checking account however there’s a substantial quantity of intricacy chooses setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is big but I think the sincere answer is modification um individuals haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep an eye on and this method does posture a number of challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Says No Pension Data To Export