Over the last 5 or 6 years …How To Record Opt In Pension In Papaya Global… functions on the service provider side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or so 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 already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies preserve different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets use 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 offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a challenging job into a strategic property.
Managing payroll internationally is an overwhelming job due to various policies, compliance requirements, data security concerns, and banking rules. The large variety of staff members and companies adds to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual procedures, data silos, and an absence of combination, causing inconsistencies and inefficiencies. Regardless of living in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to provide insights and options to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a picture they see an absence of presence also extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the needed numerous processes 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 obstacles business face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be included right and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 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 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 definitely essential and innovation is enabling us to type of progress with that it also as well to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by services throughout the world so once again you’re just looking to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or real tough type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from a cost viewpoint from an impact viewpoint on staff members it is absolutely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive impact on people’s wellness and numerous other factors if individuals aren’t paid uh I have actually always been astonished entering into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. For that reason, it is important to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Using the very first Global Payments first payroll payment service is a terrific initial step towards offering a thorough payroll service for employees worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and checking account essential for worldwide payroll are crucial consider attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as planned. Eventually, we don’t do it for the thankfulness.
anyhow 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 simple as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting 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 attempt to look through them and in fact see what was going on and kind of shot to get back to everyone so moving on appearance why do companies select to primary separate savings account there are How To Record Opt In Pension In Papaya Global services out there doing exactly this for specific nations and I’ve operated in a company or many organizations doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing extra work for any person where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe people have got so utilized to we require a new checking 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 think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute 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 range I think this is a process that needs taking a look at it requires changing however ultimately people are very stuck with what they recognize
with right um modification is a challenging thing all of us don’t like change um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having maintaining several savings account but there’s a substantial amount of intricacy chooses establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is substantial but I believe the sincere answer is change um people haven’t been able to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think 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 reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or two there is a lot to track and this technique does posture a number of obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you How To Record Opt In Pension In Papaya Global