Over the last five or six years …Papaya Global Bulgaria… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 extremely bleak and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different savings account for payroll in different nations, 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 go over why they are ending up being a strategic asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for services running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to enhance working capital, and discover how enhancing worldwide payroll payments can transform them from a difficult task into a tactical asset.
Managing payroll worldwide is a daunting task due to different regulations, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and companies contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual processes, data silos, and an absence of integration, causing disparities and inadequacies. Despite residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and services to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on international payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to 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 incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective 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 good concern I constantly toss this back and say what is it what doesn’t need to be included best and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look best ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble super payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to sort of move on with that it also also to add to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely essential that payroll and finance groups work better together than ever um I’m constantly surprised when people state I have actually split 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 estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on well-being and the settlement landscape is ending up being increasingly elaborate. Businesses are continually presenting brand-new advantages and payment choices, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into different teams, which can lead to inefficiencies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s highly sophisticated age, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even minor hold-ups can negatively impact employees’ well-being and have significant consequences. For that reason, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is an excellent initial step um providing an end-to-end payroll option for your employees globally once again I think is another huge um process once again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of businesses and minimizing the number of tools platforms and bank accounts they need for their Global 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 countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how important 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 easy as possible for everybody that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and type of try to return to everybody so moving on look why do business select to primary separate checking account there are Papaya Global Bulgaria companies out there doing exactly this for particular nations and I have actually worked in an organization or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s dealing with 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 think lots of factors one is it’s the standard I believe individuals have got so utilized 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 requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I believe this is a process that requires looking at it needs altering but ultimately individuals are very stuck to what they recognize
with ideal um modification is a tough thing we all don’t like modification um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining numerous savings account but there’s a substantial quantity of intricacy chooses setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is big however I think the honest answer is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to change however we’ve always 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 almost be determined to be the next Century or two there is a lot to track and this method does pose a number of difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Bulgaria