Over the last 5 or 6 years …Papaya Global Belarus… roles on the supplier side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join all of us 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 sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very bleak and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and find how enhancing international payroll payments can change them from a burdensome job into a strategic property.
Managing payroll globally is an overwhelming job due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of employees and companies contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual procedures, information silos, and an absence of combination, resulting in inconsistencies and inefficiencies. Regardless of living in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and solutions 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 organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in global payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global organizations have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the needed multiple processes 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 difficulties company face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t require to be consisted of right and what does
it need to be thought about there’s differing 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 allowing us to sort of progress with that it also too to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work closer together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is ending up being significantly elaborate. Services are continuously introducing new benefits and payment alternatives, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technologically advanced period, there’s no validation for preserving cumbersome procedures. Payroll, the company’s biggest cost, should be processed correctly and on time. Even small hold-ups can negatively affect employees’ well-being and have far-reaching effects. For that reason, it’s crucial to prioritize accurate and timely payments.
payroll team get um so I’m unsure anybody on this type of webinar has 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 staff members or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise 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 absolutely crucial that all of this things is done correctly so leveraging the first Global Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll solution for your workers worldwide once again I think is another substantial um process again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of services and minimizing the number of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of 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 ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know 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 involved in those processes and also so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and kind of shot to return to everyone so moving on look why do companies pick to primary different savings account there are Papaya Global Belarus organizations out there doing precisely this for specific countries and I have actually worked in a service or lots of companies doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and anyone 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 believe numerous reasons one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it requires altering however ultimately people are really stuck to what they’re familiar
with best um change is a hard thing all of us do not like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving several checking account however there’s a substantial quantity of intricacy goes with setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is big but I think the sincere response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep an eye on and this approach does posture numerous difficulties um so Johnny could you tell 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 handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Belarus