Over the last five or six years …Papaya Global Copm… roles on the company side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately to join we all 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 everybody is um it’s nice to to sort of like see where everybody originates from and I actually 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 really very gloomy and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll likewise go over a recap which should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and managing them ends up being increasingly more complicated Worldwide companies are seeking to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment viewpoint numerous companies keep separate savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve separate bank accounts sometimes in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex procedures of

making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add more intricacy the worldwide Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals 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 worldwide in the traditional payroll model there’s frequently an overwhelming number of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or very extremely basic there’s no real consistency framework we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global companies have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is delivered to the incorrect location the typical cost of a worldwide information 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 depend on the required numerous 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 organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be included best 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 nation 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 consumer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 definitely basic and innovation is permitting us to type of progress with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work better together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate 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 often 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 anywhere they are however also paying statutory authorities and on statutory third parties so with the

The modern-day world puts a high worth on wellness and the settlement landscape is ending up being increasingly intricate. Services are constantly presenting new advantages and payment alternatives, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can lead to inadequacies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically advanced era, there’s no validation for keeping troublesome treatments. Payroll, the business’s greatest expense, should be processed correctly and on time. Even slight hold-ups can adversely affect staff members’ wellness and have far-reaching consequences. Therefore, it’s critical to prioritize accurate and prompt payments.

The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just observe when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. Therefore, it is important to ensure that tasks like Wi-Fi International and other essential matters are done properly. Using the first International Payments first payroll payment option is a fantastic preliminary action towards providing a comprehensive payroll service for staff members worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and bank accounts necessary for worldwide payroll are crucial factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as prepared. Eventually, we don’t do it for the thankfulness.

anyway we understand 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 everybody that’s associated with those procedures and also so think of sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t think of 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 in fact see what was going on and sort of try to return to everyone so proceeding look why do companies select to main separate savings account there are Papaya Global Copm services out there doing exactly this for particular countries and I’ve worked in a business or lots of services doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes 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 the people have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing however eventually people are really stuck with what they recognize

with best um change is a difficult thing we all don’t like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining numerous checking account but there’s a substantial amount of intricacy chooses setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is huge but I think the honest answer is modification um people have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does pose a number of challenges um so Johnny might you inform 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 staff members you should have a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Copm

Over the last 5 or 6 years …Papaya Global.Copm… roles on the supplier 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 everyone okay thanks Johnny uh we’ll simply provide everyone another number of uh well one of 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 everyone is um it’s nice to to kind of like see where everyone comes from and I actually 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 drizzling here it’s very really gloomy and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies keep separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a recap which must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs 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 more and more complicated Worldwide companies are aiming to find Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment perspective lots of companies keep separate savings account just for payroll while some have multiple accounts in various countries does it make sense for companies to keep different bank accounts sometimes in different nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies improve the episode complex processes of

Making sure precise, efficient, and timely payroll payments is a complex challenge for services running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and discover how enhancing worldwide payroll payments can transform them from a burdensome task into a tactical asset.

Managing payroll worldwide is a difficult task due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer number of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million services worldwide.

Standard payroll systems frequently result in manual procedures, information silos, and an absence of combination, leading to inconsistencies and inadequacies. Despite living in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to supply insights and options to streamline and enhance global payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in international payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of international businesses have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes badly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide 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 viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need to be included best and what does

it need to be considered there’s differing 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 abilities 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 any place you look right eventually building a knowledge base is definitely crucial however all over you look with payroll payment they resemble very 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 recognition that payroll payments are absolutely basic and innovation is permitting us to type of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high worth on well-being and the compensation landscape is ending up being progressively intricate. Organizations are continually introducing brand-new advantages and payment alternatives, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today’s technically advanced period, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s greatest cost, need to be processed properly and on time. Even small hold-ups can negatively impact workers’ well-being and have significant consequences. Therefore, it’s vital to focus on precise and prompt payments.

The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only see when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally also. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Using the very first Worldwide Payments first payroll payment service is a fantastic initial action towards offering a comprehensive payroll option for employees worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and checking account essential for international payroll are key consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.

anyway we know how how essential a role 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 simply I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t imagine 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 try to get back to everyone so moving on appearance why do companies pick to main different savings account there are Papaya Global.Copm services out there doing precisely this for specific countries and I’ve operated in a company or numerous services doing exactly that I can state it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating extra work for any person where we don’t have to and anybody that’s managing that procedure 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 people have got so used to we need 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 simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other ways 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 extremely stuck with what they recognize

with best um change is a tough thing all of us don’t like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having preserving multiple savings account however there’s a big quantity of complexity chooses setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private people so the intricacy is substantial but I believe the sincere answer is modification um individuals haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or two there is a lot to track and this approach does pose numerous challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so

I just did you changed 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 workers you should have a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global.Copm