Over the last 5 or six years …Pension Re-enrolment On Papaya Global… functions on the service provider side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very gloomy and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to optimize working capital, and find how improving international payroll payments can change them from a burdensome task into a tactical asset.
Managing payroll internationally is a daunting job due to different policies, compliance requirements, information security issues, and banking rules. The large variety of workers and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual processes, information silos, and an absence of combination, resulting in inconsistencies and inefficiencies. Regardless of living in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and options to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a company spends on international payroll the less of an image they see a lack of presence also reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide businesses have expressed that they do not 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 mistakes inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be consisted of best and what does
it require 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 timespan there’s payment abilities 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 customer’s own in-country account so there’s intricacy any place you look right eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly 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 recognition that payroll payments are absolutely basic and technology is allowing us to sort of progress with that it likewise too to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry 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 data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on well-being and the payment landscape is ending up being significantly complex. Services are continuously introducing new advantages and payment choices, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s technically sophisticated age, there’s no validation for maintaining cumbersome procedures. Payroll, the business’s biggest cost, must be processed properly and on time. Even small hold-ups can negatively impact workers’ well-being and have far-reaching effects. Therefore, it’s vital to focus on accurate and timely payments.
payroll team get um so I’m uncertain anybody on this type of webinar has been informed 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 an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however 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 things is definitely essential that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent primary step um providing an end-to-end payroll solution for your workers worldwide again I believe is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and lowering the number of tools platforms and checking account 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 thousand of 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 grievances where things have not gone quite where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how essential 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 easy as possible for everyone that’s involved in those procedures and also so envision sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task trying to clean 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 need days of the week to attempt to browse them and actually see what was going on and sort of shot to get back to everybody so moving on appearance why do business choose to primary different bank accounts there are Pension Re-enrolment On Papaya Global services out there doing precisely this for specific nations and I’ve worked in an organization or many services doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anybody 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 amount that we are I believe many reasons one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced 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 numerous other methods um to to sort of do it so I think there’s a range I believe this is a process that requires looking at it requires altering however eventually individuals are really stuck to what they’re familiar
with ideal um change is a hard thing we all don’t like change um so I think it’s simply 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 understand undoubtedly the advantages of having maintaining several savings account however there’s a substantial amount of intricacy opts for establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I think the truthful response is modification um individuals haven’t been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to change but we have actually constantly done it that way is no real excuse 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 or so there is a lot to keep track of and this approach does pose several obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
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