Over the last 5 or 6 years …Papaya Global Saudi Arabia… functions on the service provider side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort 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 actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really uninspiring and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve different

Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can change them from a difficult job into a strategic asset.

Handling payroll worldwide is a challenging task due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer number of workers and organizations adds to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.

Standard payroll systems often lead to manual processes, information silos, and a lack of combination, resulting in disparities and inefficiencies. Despite residing in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to provide insights and solutions to simplify and optimize worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide businesses have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes improperly 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 wrong location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the necessary numerous procedures 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 organization face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need to be included best and what does

it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is absolutely vital but all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of move forward with that it also also to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m always surprised when individuals say 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 occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high value on well-being and the payment landscape is becoming significantly complex. Businesses are constantly introducing brand-new advantages and payment alternatives, which contributes to the overall complexity. Big corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technically advanced era, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s biggest expenditure, should be processed correctly and on time. Even small delays can negatively impact employees’ well-being and have significant repercussions. Therefore, it’s critical to focus on precise and timely payments.

payroll team get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe 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 stuff is absolutely essential that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment option is a fantastic initial step um supplying an end-to-end payroll solution for your staff members worldwide once again I believe is another substantial um process again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of businesses and decreasing the number of tools platforms and savings account they need for their Worldwide payroll too could not 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 don’t anticipate to you do get the odd 5 or 10 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 believe any of us are really doing that for for the thanks

anyway we understand how how essential a function 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 everyone that’s involved in those procedures and also so imagine sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing 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 need days of the week to try to check out them and actually see what was going on and kind of shot to return to everybody so proceeding look why do companies pick to main separate savings account there are Papaya Global Saudi Arabia companies out there doing exactly this for specific countries and I’ve operated in a business or many services doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I believe people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a number 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 passed by to contribute to that individuals have 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 think this is a process that requires looking at it requires changing but ultimately people are very stuck to what they’re familiar

with best um change is a difficult thing all of us don’t like change um so I believe it’s just type 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 obviously the advantages of having preserving numerous bank accounts but there’s a big amount of complexity goes with establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is huge but I believe the truthful answer is change um people have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to keep track of and this technique does position numerous challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so

I recently made a modification 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 gotten another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Saudi Arabia

Over the last 5 or six years …Papaya Global Saudi Arabia… roles on the supplier side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone 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 is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really dreary and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up and that should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them becomes more and more complex Global organizations are looking to discover Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment perspective many companies keep separate savings account just for payroll while some have several accounts in different nations does it make good sense for business to maintain different bank accounts in some cases in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies simplify the episode complex processes of

making payroll payments accurately effectively securely 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 accurately forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s estimated 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 worldwide in the standard payroll design there’s frequently an overwhelming variety of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really extremely standard there’s no real consistency structure we’re living in a period 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 simply blows my mind every time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on international payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international businesses have actually 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 bad HCM data information entry mistakes badly interacted hires and terminations along with absence management and system setups and then when you round everything off and the information is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count on the required several 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 difficulties business face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be included 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 country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 permitting us to kind of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data 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 wellness and the compensation landscape is ending up being significantly detailed. Companies are continuously introducing new advantages and payment alternatives, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technically innovative period, there’s no reason for keeping troublesome treatments. Payroll, the business’s biggest expenditure, need to be processed correctly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have significant effects. Therefore, it’s critical to focus on accurate and timely payments.

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 workers or not. Payroll is a crucial cycle, and people only see when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. Therefore, it is essential to guarantee that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the first Worldwide Payments very first payroll payment solution is a fantastic initial action towards providing an extensive payroll option for workers worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and bank accounts needed for worldwide payroll are key factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things do not go as planned. Eventually, we do not do it for the thankfulness.

anyway we understand how how essential a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na say envision 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 speaking about numerous thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean up all those up for sure oh definitely 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 actually see what was going on and kind of try to get back to everybody so moving on appearance why do business select to primary separate checking account there are Papaya Global Saudi Arabia companies out there doing precisely this for particular countries and I have actually worked in an organization or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we don’t have to and any person that’s handling that process 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 factors one is it’s the requirement I think individuals have got so utilized to we need a new checking 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 simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering but ultimately individuals are very stuck to what they’re familiar

with ideal um change is a difficult 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 lot of track of stuff um I comprehend certainly the advantages of having preserving numerous savings account however there’s a big quantity of complexity opts for setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is big however I think the sincere answer 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 other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking 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 approximately there is a lot to track and this technique does pose numerous obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so

I recently made a modification 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 acquired another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Saudi Arabia