Over the last five or six years …Tier3 Pension Papaya Global… functions on the company side and also on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately 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 intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly 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 extremely bleak and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, 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 discuss why they are ending up being a strategic asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll costs to enhance working capital, and find how enhancing global payroll payments can change them from a troublesome task into a strategic possession.
Handling payroll globally is an overwhelming task due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The sheer number of employees and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and a lack of combination, leading to inconsistencies and inadequacies. In spite of living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and services to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide companies have actually 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 because of time reporting bad HCM information information entry errors improperly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the wrong place the average expense 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 worldwide payroll and payments don’t run efficiently if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be consisted of best and what does
it require to be thought about there’s differing 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 client’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like extremely 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to sort of move on with that it likewise also to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely imperative that payroll and finance groups work closer together than ever um I’m always impressed when individuals state I have actually split 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 calculation 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 data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on wellness and the settlement landscape is becoming significantly intricate. Organizations are continuously introducing new benefits and payment options, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technically sophisticated age, there’s no reason for preserving troublesome treatments. Payroll, the business’s greatest cost, need to be processed correctly and on time. Even slight delays can negatively impact employees’ well-being and have far-reaching consequences. For that reason, it’s important to prioritize accurate and prompt payments.
payroll group get um so I’m not sure anyone on this sort of webinar has been told 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 workers or not um but ultimately payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the very first Global Payments first payroll payment option is an excellent primary step um offering an end-to-end payroll service for your workers internationally once again I think is another substantial um procedure again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of organizations and decreasing the variety of tools platforms and checking 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 expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t think 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 simple as possible for everyone that’s associated with those processes and also so envision sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and type of shot to return to everyone so moving on appearance why do business choose to main different bank accounts there are Tier3 Pension Papaya Global businesses out there doing precisely this for particular countries and I have actually operated in a service or many businesses doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and anybody that’s handling that process 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 believe many factors one is it’s the standard I believe people have got so utilized to we need a brand-new bank 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 just been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have actually looked 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 taking a look at it requires altering but ultimately people are very stuck with what they’re familiar
with best um change is a difficult thing we all do not like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving multiple savings account however there’s a huge quantity of complexity chooses setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the intricacy is huge however I think the honest answer is modification um people have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to monitor and this technique does posture several obstacles um so Johnny might you tell us about those challenges yeah obviously 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 jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Tier3 Pension Papaya Global