Over the last five or six years …Papaya Global Netsuite… roles on the provider side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine 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 kind of let them do that so it ‘d be quite interesting 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 everyone comes from and I really do hope it’s much sunnier than it remains 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 really very bleak and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also go over a wrap-up which ought to leave his time at the extremely really 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 International labor forces end up being more and more typical and handling them ends up being increasingly more complicated Global companies are aiming to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment standpoint numerous organizations maintain different checking account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain different bank accounts sometimes in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business enhance the episode complex procedures of

making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most notably guidelines compliance information security and banking guidelines then there are the large numbers they include more intricacy the global Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s frequently an overwhelming variety of various systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or very very standard there’s no genuine consistency framework we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every time I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on international payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of global services have actually expressed that they don’t 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 bad HCM information data entry errors badly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they count on the essential multiple processes 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 obstacles organization face when they’re paying to employees or otherwise that’s a good concern I always 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 differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely critical but everywhere you look with payroll payment they are like super payments no if however some children 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 definitely essential and innovation is permitting us to kind of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 often 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more crucial to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being used by organizations across the world so once again you’re simply wanting to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or real challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an impact perspective on staff members it is definitely vital that it’s done properly 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 most significant detrimental result on individuals’s well-being and many other factors if people aren’t paid uh I’ve always been surprised coming into this Market sort of the last five to ten years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally too. For that reason, it is vital to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the first International Payments very first payroll payment solution is a great preliminary step towards providing a comprehensive payroll service for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and checking account essential for global payroll are key consider attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as planned. Ultimately, we do not do it for the appreciation.

anyhow we understand how how essential 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 simple as possible for everybody that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na say envision the quantity 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 imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying to clean 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 need days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so proceeding look why do business choose to main separate checking account there are Papaya Global Netsuite companies out there doing precisely this for particular countries and I’ve operated in an organization or numerous businesses doing precisely 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 producing extra work for anyone where we don’t need to and anyone 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 amount that we are I believe many factors one is it’s the requirement I think individuals have got so used to we require a brand-new savings 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 think it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it needs altering but ultimately individuals are really stuck to what they recognize

with right um modification is a difficult thing all of us do not like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving numerous checking account however there’s a big amount of complexity goes with setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the intricacy is huge however I think the truthful response is modification um individuals have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe 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 benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to track and this method does pose numerous difficulties um so Johnny could you inform us about those difficulties yeah obviously 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 Worldwide workers you should have a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Netsuite

Over the last 5 or six years …Papaya Global Netsuite… roles on the provider side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple 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 rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I want I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business keep different

Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most notably guidelines compliance information security and banking rules then there are the large numbers they add additional complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating number of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really really fundamental there’s no real consistency structure we’re living in an age of tech but payroll has actually 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 simply blows my mind each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of international organizations have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they rely on the needed 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 obstacles company face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and state what is it what does not need to be consisted of right and what does

it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 client’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if but some children 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 acknowledgment that payroll payments are absolutely fundamental and innovation is enabling 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 varying Checking account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m constantly surprised when people say 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 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by companies across the world so once again you’re just wanting to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties 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 state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an era 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 rightly as you said payroll is the single greatest liability that any company has from an expense viewpoint from an impact point of view on workers it is absolutely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been amazed coming into this Market sort of the last five to 10 years is how little thanks the

The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone 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. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally also. Therefore, it is important to guarantee that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the very first International Payments very first payroll payment service is an excellent initial step towards providing a detailed payroll option for workers worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and bank accounts required for worldwide payroll are key factors in attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as prepared. Eventually, we do not do it for the appreciation.

anyway we understand 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 everybody that’s associated with those procedures and also so picture sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that many thank you notes 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 check out them and actually see what was going on and kind of try to return to everybody so proceeding look why do business select to primary different savings account there are Papaya Global Netsuite organizations out there doing precisely this for particular nations and I’ve operated in a company or many companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and any person that’s dealing with 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 amount that we are I think numerous reasons one is it’s the standard I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately 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 standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires changing but eventually individuals are very stuck with what they recognize

with ideal um change is a challenging thing all of us don’t like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining several checking account however there’s a huge quantity of intricacy goes with setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is substantial but I think the sincere answer is change um individuals haven’t been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to track and this technique does posture numerous difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so

I simply did you changed our Enterprise 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 deserve a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Netsuite