Over the last five or 6 years …Papaya Global.My Marketplace… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well one of 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 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 truly 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 drizzling here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business maintain different

Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property 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.

Ensuring accurate, efficient, and timely payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can change them from a difficult task into a tactical property.

Managing payroll internationally is a daunting job due to different regulations, compliance requirements, data security issues, and banking rules. The sheer variety of workers and services contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems frequently result in manual processes, information silos, and a lack of integration, leading to disparities and ineffectiveness. Despite residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and options to streamline and enhance global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of international businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the data is delivered to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view 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 great question I constantly throw this back and say what is it what does not need to be consisted of right and what does

it need to be thought about there’s varying Bank details 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 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 anywhere you look best eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble very 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move forward with that it also also to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work better together than ever um I’m constantly impressed when people state I have actually split 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 often 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 also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more important to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by services across the world so again you’re just looking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine difficult type of pay utilizes to play to pay people I think yeah I indicate 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 functions 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 handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run in they just 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 an era that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from an expense point of view from an impact point of view on staff members it is absolutely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive impact on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been surprised coming into this Market sort of the last 5 to ten years is how little thanks the

The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just discover when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. Therefore, it is important to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Using the very first International Payments first payroll payment service is a great preliminary action towards providing a comprehensive payroll service for employees worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and savings account essential for worldwide payroll are key factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as prepared. Eventually, we don’t do it for the gratitude.

anyhow we understand 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 everybody that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially 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 definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t envision 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 type of try to get back to everyone so carrying on appearance why do business select to main separate checking account there are Papaya Global.My Marketplace services out there doing precisely this for specific countries and I have actually worked in an organization or lots of organizations doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t have to and any person that’s handling 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 quantity that we are I believe lots of factors one is it’s the requirement I believe individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it requires changing but eventually people are really stuck to what they recognize

with best um change is a challenging thing we all do not like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping numerous savings account but there’s a big quantity of complexity chooses establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is substantial but I believe the sincere response is modification um individuals have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually always 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 might nearly be determined to be the next Century or two there is a lot to monitor and this approach does pose numerous challenges um so Johnny could you tell us about those challenges yeah of course so there’s a variety 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 feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global.My Marketplace

Over the last five or 6 years …Papaya Global My Marketplace… roles on the company side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or two to join all of us 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 already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 very really dreary and I want I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also discuss a recap and that must leave his time at the extremely really 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 Global labor forces end up being a growing number of common and handling them ends up being more and more complex Global organizations are aiming to discover Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment perspective many organizations preserve separate bank account just for payroll while some have numerous accounts in various nations does it make sense for companies to maintain separate bank accounts often in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies streamline the episode complex procedures of

Ensuring accurate, effective, and timely payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to optimize working capital, and discover how improving global payroll payments can transform them from a difficult job into a strategic asset.

Handling payroll internationally is an overwhelming job due to numerous policies, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and businesses adds to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.

Conventional payroll systems typically lead to manual procedures, information silos, and an absence of integration, causing disparities and inadequacies. In spite of residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to offer insights and services to simplify and optimize global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company spends on international payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of global companies have expressed 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 due to time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round everything 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 once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what doesn’t need to be included ideal and what does

it need to be thought about there’s differing Bank details 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is absolutely 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 type of link in 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 innovation is enabling us to type of progress with that it likewise as well to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work closer together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation 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 however likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high worth on well-being and the payment landscape is ending up being increasingly intricate. Organizations are continually presenting new benefits and payment alternatives, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my opinion, this does not need to hold true. In today’s technologically advanced period, there’s no reason for keeping troublesome treatments. Payroll, the business’s greatest expenditure, need to be processed correctly and on time. Even slight delays can negatively impact staff members’ wellness and have far-reaching consequences. For that reason, it’s important to focus on accurate and prompt payments.

payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a terrific primary step um supplying an end-to-end payroll solution for your employees worldwide again I think is another huge um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not think any of us are really 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was simply 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’m sure we’re talking about numerous thousands possibly Millions think of 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 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 sort of try to get back to everybody so proceeding look why do business choose to primary different savings account there are Papaya Global My Marketplace companies out there doing exactly this for particular nations and I have actually worked in an organization or numerous companies doing exactly that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and anyone that’s handling that procedure 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 lots of factors one is it’s the requirement I believe people have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering however eventually people are extremely stuck with what they’re familiar

with right um modification is a difficult thing all of us don’t like modification um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining multiple checking account but there’s a big amount of intricacy goes with setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is big but I believe the honest answer is modification um individuals have not been able to change or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to change but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or two there is a lot to track and this technique does posture several obstacles um so Johnny could you inform us about those obstacles yeah of course 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 jobs 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 devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global My Marketplace