Managing payroll worldwide is an overwhelming task … Papaya Global Bulgaria…

How much revenue does the company make? Papaya Global Bulgaria

Over the last 5 or 6 years …Papaya Global Bulgaria… roles on the provider side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently 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 remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I want I was somewhere else at this moment in time okay 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 Global payroll why companies keep separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll likewise go over a wrap-up which should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and handling them ends up being a growing number of complicated International companies are seeking to find Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment perspective many organizations preserve different savings account just for payroll while some have multiple accounts in different nations does it make sense for business to preserve different bank accounts often in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex processes of

Ensuring accurate, efficient, and timely payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to enhance working capital, and discover how simplifying global payroll payments can transform them from a troublesome job into a tactical asset.

due to different policies, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and services contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million companies worldwide.

Standard payroll systems often result in manual procedures, information silos, and a lack of integration, leading to disparities and inefficiencies. In spite of living in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to offer insights and services to streamline and optimize international payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on global payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of global services have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information 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 require to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s an excellent question 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 thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to type of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern world puts a high value on wellness and the settlement landscape is ending up being significantly elaborate. Services are continuously presenting new benefits and payment choices, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically advanced era, there’s no reason for keeping troublesome procedures. Payroll, the business’s greatest expenditure, must be processed correctly and on time. Even small delays can negatively affect staff members’ well-being and have significant effects. For that reason, it’s vital to focus on precise and prompt payments.

The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. Therefore, it is necessary to guarantee that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment service is a great preliminary step towards supplying a detailed payroll service for employees worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and savings account essential for international payroll are crucial factors in attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as prepared. Ultimately, we do not do it for the appreciation.

anyway we know how how essential 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 easy as possible for everyone that’s associated with those processes and also so imagine sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean up 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 need days of the week to attempt to look through them and in fact see what was going on and kind of shot to return to everybody so proceeding look why do business select to primary different bank accounts there are Papaya Global Bulgaria services out there doing exactly this for specific nations and I have actually worked in a service or lots of services doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t 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 lots of reasons one is it’s the standard I think people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires altering but eventually individuals are very stuck to what they’re familiar

with right um change is a hard thing all of us don’t like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving multiple checking account but there’s a huge quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific people so the complexity is big however I believe the honest answer is change um people have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve 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 nearly be determined to be the next Century or two there is a lot to keep track of and this method does posture several challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so

I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Bulgaria

I discover time and time again the employees typically misclassified unconsciously they do not comprehend the conditions of work or contract and are informed by the client why it’s optimum generally to the client why you ought to be employed or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t contributed to pensions Etc so it’s a huge effect that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance against misclassification however usually premiums are only covering the expense of legal fees whilst the average claim evaluated versus employers corresponds to to 40 or half of the base pay of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest for the most part I have not seen it a minimum of so uh the the other location that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK

Handling payroll worldwide is a challenging task … Papaya Global Bulgaria…

How much revenue does the company make? Papaya Global Bulgaria

Over the last five or six years …Papaya Global Bulgaria… functions on the company side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer 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 rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually 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 really very uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies keep separate

Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most notably regulations compliance information security and banking rules then there are the large numbers they include more intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s typically an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely extremely standard there’s no genuine consistency framework we’re residing in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I believe

about it to offer 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 provides me sleepless nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be consisted of ideal and what does

it require to be considered there’s varying Bank details 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is definitely critical but everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market 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 information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high value on wellness and the settlement landscape is becoming progressively intricate. Services are constantly introducing new advantages and payment options, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technically sophisticated period, there’s no reason for maintaining troublesome procedures. Payroll, the company’s most significant expense, must be processed correctly and on time. Even slight hold-ups can adversely affect workers’ wellness and have significant consequences. For that reason, it’s crucial to prioritize accurate and timely payments.

payroll group get um so I’m unsure anyone on this sort of webinar has actually been told 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 staff members or not um however eventually payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout 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 definitely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is an excellent initial step um offering an end-to-end payroll option for your workers globally once again I believe is another huge um process once again aligning and ensuring you have standardization International procedures all of those things are absolutely essential to success success of services and decreasing the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t believe any of us are in fact 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 simple as possible for everyone that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply 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 up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and kind of try to get back to everybody so proceeding look why do companies pick to main separate checking account there are Papaya Global Bulgaria services out there doing exactly this for particular nations and I’ve operated in a business or many services doing precisely that I can state it does not always feel efficient 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 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 think many factors one is it’s the standard I think individuals have got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs changing however ultimately people are extremely stuck to what they’re familiar

with ideal um change is a hard thing all of us do not like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping numerous checking account however there’s a huge amount of intricacy chooses establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial however I believe the honest answer is change um people haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking 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 alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to monitor and this technique does pose several difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so

I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Bulgaria

I find time and time again the employees often misclassified unknowingly they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s most advantageous primarily to the customer why you must be used or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t added to pensions Etc so it’s a big effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are securing insurance coverage against misclassification but normally premiums are only covering the cost of legal charges whilst the average claim assessed versus employers relates to to 40 or 50 percent of the base salary of worker is there any point in getting insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in most cases I have not seen it at least so uh the the other area that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK