Over the last five or 6 years …Papaya Global South Korea… functions on the service provider side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep separate

Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for services operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to enhance working capital, and find how enhancing international payroll payments can transform them from a difficult job into a tactical property.

Handling payroll worldwide is a complicated task due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.

Traditional payroll systems often lead to manual procedures, data silos, and an absence of integration, leading to inconsistencies and inefficiencies. Despite residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and options to simplify and optimize global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of international organizations have revealed 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 poor HCM information data entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the required several 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 business face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be included best 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 amount of time 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 right ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 on with that it also also to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals state I have actually 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 a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the

The contemporary world positions a high worth on well-being and the payment landscape is becoming significantly complex. Organizations are constantly introducing brand-new benefits and payment options, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly innovative age, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s most significant expenditure, need to be processed correctly and on time. Even minor hold-ups can negatively affect workers’ well-being and have far-reaching repercussions. For that reason, it’s vital to prioritize accurate and prompt payments.

The payroll group may not have been thanked for correctly processing payroll during 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 a crucial cycle, and people only discover when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first International Payments very first payroll payment service is a great initial step towards supplying a thorough payroll solution for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account essential for global payroll are crucial factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as prepared. Ultimately, we do not do it for the thankfulness.

anyway we know how how important 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 everybody that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean 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 browse them and in fact see what was going on and kind of shot to get back to everybody so moving on look why do business pick to main different bank accounts there are Papaya Global South Korea companies out there doing precisely this for specific nations and I have actually worked in an organization or numerous organizations doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for any person where we do not need to and anybody that’s dealing with 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 think many factors one is it’s the standard I believe people have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you require 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 standard individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires changing however eventually people are really stuck with what they recognize

with best um change is a hard thing all of us don’t like change um so I believe it’s simply type 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 understand obviously the benefits of having maintaining multiple savings account but there’s a substantial quantity of complexity opts for establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is huge but I believe the honest answer is change um people haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to keep track of and this approach does posture numerous challenges 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 switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global South Korea

Over the last 5 or six years …Papaya Global South Korea… functions on the provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another number 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 quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly 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 extremely really uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business maintain separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and managing them becomes more and more complicated Worldwide companies are looking to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment standpoint many companies keep different bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep separate savings account sometimes in different nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business streamline the episode complex processes of

Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for services running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to optimize working capital, and find how enhancing international payroll payments can change them from a challenging task into a strategic possession.

Handling payroll worldwide is a challenging job due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The large number of employees and services adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.

Standard payroll systems typically lead to manual processes, information silos, and a lack of integration, causing disparities and inadequacies. In spite of living in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and options to simplify and optimize international payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization invests in international payroll the less of an image they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of international organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes poorly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the information is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a good question I always toss this back and say what is it what doesn’t need to be consisted of right and what does

it require to be thought about there’s varying 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely important however 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to sort of progress with that it likewise as well to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high worth on well-being and the compensation landscape is ending up being progressively detailed. Services are continuously presenting new benefits and payment options, which adds to the total intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s highly innovative age, there’s no reason for keeping cumbersome treatments. Payroll, the company’s most significant expenditure, need to be processed correctly and on time. Even minor hold-ups can negatively affect workers’ well-being and have significant repercussions. Therefore, it’s vital to prioritize accurate and timely payments.

The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone 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 individuals just observe when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally too. Therefore, it is important to guarantee that tasks like Wi-Fi International and other important matters are done correctly. Using the first International Payments first payroll payment solution is a great preliminary action towards supplying an extensive payroll option for workers worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts necessary for worldwide payroll are key factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as planned. Eventually, we don’t do it for the appreciation.

anyhow 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 simple as possible for everybody that’s involved in those procedures and also so picture sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and type of shot to get back to everybody so carrying on look why do companies select to main different bank accounts there are Papaya Global South Korea businesses out there doing precisely this for specific countries and I’ve operated in a company or many businesses doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not 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 numerous reasons one is it’s the standard I believe people have got so utilized to we require a brand-new savings 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 norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing however ultimately people are really stuck with what they recognize

with ideal um modification is a difficult thing all of us don’t like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining numerous savings account but there’s a huge quantity of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is big but I think the truthful response is change um individuals have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does posture a number of difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so

I just did you switched 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 International employees you deserve a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global South Korea