Over the last 5 or six years …Papaya Global Isn\’t Connecting To Nest Pensions… roles on the 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 fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join we all 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 everybody is um it’s nice to to kind of like see where everybody originates from and I really 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 very really bleak and I want I was elsewhere 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 managing Worldwide payroll why companies preserve separate

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise provide 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 challenge for businesses operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to optimize working capital, and discover how enhancing international payroll payments can change them from a challenging task into a strategic possession.

Handling payroll internationally is a difficult task due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and organizations adds to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.

Conventional payroll systems typically lead to manual processes, data silos, and an absence of combination, causing disparities and ineffectiveness. Regardless of residing in an age of technological improvements, payroll management has actually 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 optimize worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a business invests in international payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international companies have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the information is delivered to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be included ideal and what does

it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 intricacy wherever you look ideal ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble incredibly payments no if however some infants 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 definitely basic and innovation is enabling us to kind of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and finance groups work closer together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market 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 individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more essential to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by businesses across the world so again you’re simply wanting to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real obstacles or genuine tough type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you know 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 operating in today there is no reason why we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense perspective from an impact perspective on employees it is definitely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental effect on people’s well-being and many other factors if people aren’t paid uh I’ve always been astonished entering into this Market sort of the last five to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually 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 people just notice when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally too. For that reason, it is vital to ensure that jobs like Wi-Fi Global and other essential matters are done properly. Using the first Worldwide Payments very first payroll payment service is a great initial step towards offering a thorough payroll solution for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and checking account necessary for global payroll are essential factors in achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as planned. Eventually, we do not do it for the appreciation.

anyway we know how how crucial 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 easy as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task attempting 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 require days of the week to try to check out them and in fact see what was going on and type of shot to return to everyone so moving on look why do companies pick to main different savings account there are Papaya Global Isn\’t Connecting To Nest Pensions companies out there doing exactly this for specific countries and I have actually operated in a business or lots of services doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s handling 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 many reasons one is it’s the standard I think people have got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted 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 lots of other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering but eventually people are extremely stuck to what they recognize

with ideal um change is a hard thing all of us do not 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 bank accounts however there’s a huge quantity of intricacy opts for setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is huge however I think the sincere response is modification um individuals haven’t been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century approximately there is a lot to monitor and this approach does present a number of challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Isn\’t Connecting To Nest Pensions

Over the last five or six years …Papaya Global Isnt Connecting To Nest Pensions… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really 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 drizzling here it’s very extremely bleak and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also review a recap and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and handling them ends up being more and more complicated Worldwide companies are aiming to find Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment perspective many companies maintain different savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to keep separate checking account in some cases in different countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies enhance the episode complex processes of

making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they add more complexity the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated 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 factor in that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll design there’s typically a frustrating variety of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or really really standard there’s no genuine consistency structure we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind whenever I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide organizations have revealed that they don’t 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 bad HCM information information entry mistakes badly interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the essential multiple 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 workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be consisted of right and what does

it need 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 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 need to pay from the client’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to kind of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing groups work closer together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more essential to contribute to sort of the level of complexity there’s more and more advantages being organ or being offered by organizations across the world so again you’re simply looking to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real challenges or genuine tough type of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from an expense viewpoint from an impact point of view on employees it is definitely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive result on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve constantly been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the

payroll team get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think 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 absolutely vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment solution is a terrific first step um supplying an end-to-end payroll solution for your employees worldwide again I believe is another substantial um process once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of organizations and minimizing the number of tools platforms and checking account they need 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’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we understand how how crucial 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 easy as possible for everybody that’s involved in those procedures and also so think of sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely 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 browse 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 pick to main different checking account there are Papaya Global Isnt Connecting To Nest Pensions organizations out there doing precisely this for specific countries and I’ve operated in a business or numerous services doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not need to and any person 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 quantity that we are I believe numerous factors one is it’s the requirement I think individuals have got so utilized to we need a brand-new bank account we open an entity and rightly 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 requirement and the standard the people 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 numerous other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it needs altering but ultimately individuals are extremely stuck to what they’re familiar

with right um modification is a tough thing we all don’t like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining numerous savings account but there’s a substantial amount of intricacy goes with establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I believe the truthful answer is change um individuals haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or so there is a lot to keep an eye on and this method does present numerous difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Isnt Connecting To Nest Pensions