Over the last five or 6 years …Papaya Global Pension Module Help… functions on the provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset 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.
Ensuring precise, effective, and timely payroll payments is a complex challenge for companies running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can change them from a challenging job into a strategic possession.
Handling payroll worldwide is a difficult job due to different regulations, compliance requirements, data security issues, and banking guidelines. The large variety of staff members and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and a lack of integration, leading to inconsistencies and inadequacies. Despite residing in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to offer insights and solutions to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide businesses have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the information is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they rely on the required multiple processes 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 challenges organization face when they’re paying to employees or otherwise that’s a great concern I always throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it require 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 timespan there’s payment capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if but 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 acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely essential that payroll and finance groups work better together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on well-being and the settlement landscape is ending up being progressively elaborate. Services are constantly presenting new benefits and payment alternatives, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technologically innovative era, there’s no justification for keeping troublesome procedures. Payroll, the business’s greatest cost, should be processed properly and on time. Even small delays can adversely affect employees’ well-being and have significant repercussions. Therefore, it’s critical to prioritize accurate and timely payments.
payroll group get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a terrific first step um providing an end-to-end payroll service for your workers globally again I think is another huge um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of companies and lowering the variety of tools platforms and savings account 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 have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 involved in those procedures and also so picture sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and sort of shot to return to everyone so proceeding look why do companies pick to main separate savings account there are Papaya Global Pension Module Help businesses out there doing precisely this for particular nations and I have actually operated in a business or lots of businesses doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and any person that’s managing that procedure 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 believe many factors one is it’s the standard I believe people have got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years passed by 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 think there’s a range I think this is a process that needs taking a look at it requires changing however eventually individuals are very stuck to what they’re familiar
with best um modification is a difficult thing all of us don’t like change um so I believe it’s simply type 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 advantages of having preserving numerous checking account but there’s a substantial amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private people so the complexity is substantial but I think the honest answer is modification um individuals have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep track of and this method does posture numerous difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a change 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 gotten another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Pension Module Help