Over the last 5 or 6 years …Papaya Global Ltd… roles on the company side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we’ll likewise 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 recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and handling them ends up being more and more intricate Worldwide organizations are seeking to find Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective many organizations maintain separate savings account just for payroll while some have several accounts in various countries does it make sense for companies to maintain separate checking account sometimes in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies enhance the episode complex processes of

Making sure precise, effective, and timely payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to enhance working capital, and find how streamlining international payroll payments can change them from a challenging job into a strategic property.

Managing payroll internationally is a daunting job due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The large variety of workers and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.

Conventional payroll systems frequently result in manual processes, information silos, and a lack of integration, leading to disparities and inadequacies. Despite living in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to supply 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 just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide organizations have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors poorly communicated hires and terminations along with absence management and system setups and then when you round it all 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 when payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly 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 needs to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be consisted of right and what does

it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 complexity anywhere you look best eventually developing a knowledge base is definitely vital but all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type 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 essential and technology is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m always impressed when people state I’ve split 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 computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um 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 likewise paying statutory authorities and on statutory third parties so with the

The modern world positions a high value on wellness and the settlement landscape is becoming progressively detailed. Services are continually introducing brand-new benefits and payment alternatives, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically innovative era, there’s no reason for maintaining troublesome treatments. Payroll, the company’s biggest expense, need to be processed correctly and on time. Even small hold-ups can negatively affect staff members’ wellness and have far-reaching consequences. For that reason, it’s vital to prioritize accurate and prompt payments.

payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been told 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 a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe 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 important that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is an excellent primary step um offering an end-to-end payroll service for your employees globally again I think is another substantial um process once again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of organizations and minimizing the variety of tools platforms and savings account they require for their International 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 countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks

anyhow we know how how important 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 involved in those processes and likewise so envision sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t imagine 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 actually see what was going on and sort of try to get back to everybody so proceeding appearance why do business select to primary different checking account there are Papaya Global Ltd organizations out there doing exactly this for specific countries and I’ve worked in a business or numerous organizations doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement I think individuals have actually got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing however eventually individuals are extremely stuck with what they recognize

with best um modification is a tough thing all of us do not like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining numerous bank accounts but there’s a huge quantity of intricacy opts for establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is huge however I think the truthful response is modification um people haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does position numerous obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Ltd

Over the last five or 6 years …Papaya Global Ltd…. functions on the provider side and also on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates 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 drizzling here it’s extremely really uninspiring 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 companies maintain separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a recap which ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers 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 more and more complicated Global organizations are aiming to find Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment perspective numerous companies preserve different savings account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve separate bank accounts in some cases in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business enhance the episode complex procedures of

making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the international 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 simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they include further intricacy the worldwide Labor force is presently three and a half billion people by 2030 it’s approximated 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 businesses and growing all doing their own thing around the world in the standard payroll model there’s often an overwhelming variety of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or really extremely fundamental there’s no real consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international services have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors improperly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the information is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the needed numerous processes 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 difficulties service face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and say what is it what does not need to be consisted of ideal and what does

it need 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 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 need to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal eventually building 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 take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work better 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 doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the

The modern world positions a high worth on well-being and the compensation landscape is becoming progressively detailed. Businesses are continually introducing new advantages and payment choices, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today’s highly advanced era, there’s no validation for preserving cumbersome treatments. Payroll, the company’s most significant cost, must be processed properly and on time. Even slight hold-ups can adversely affect workers’ well-being and have far-reaching consequences. For that reason, it’s important to prioritize precise and timely payments.

The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just see when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally too. For that reason, it is important to guarantee that tasks like Wi-Fi International and other crucial matters are done properly. Using the first Worldwide Payments first payroll payment service is a terrific preliminary step towards providing a thorough payroll solution for workers worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and savings account needed for global payroll are key consider attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.

anyway we know 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 simple as possible for everybody that’s associated with those processes and also so imagine sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and sort of shot to return to everyone so proceeding appearance why do companies pick to primary different bank accounts there are Papaya Global Ltd. companies out there doing exactly this for particular nations and I have actually worked in a company or many businesses doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and any person that’s handling 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 believe many factors one is it’s the standard I think individuals have got so used to we need a brand-new checking account we open an entity and rightly 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 just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering however ultimately individuals are very stuck to what they recognize

with ideal um change is a hard thing all of us don’t like change um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving numerous checking account however there’s a big quantity of complexity goes with setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is big but I believe the sincere answer is change um people haven’t been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck 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 always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to track and this approach does present numerous difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so

I just did you changed 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 are worthy of a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Ltd.