Over the last 5 or six years …Papaya Global Update Doesnt Do Anything… roles on the service provider side and also on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody another couple of uh well among 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 fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone 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 extremely very bleak and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business preserve different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll also review a wrap-up and that ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and managing them ends up being more and more intricate International organizations are aiming to find Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment perspective many companies preserve different savings account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve separate savings account sometimes in various nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies improve the episode complex processes of

making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most significantly regulations compliance information security and banking rules then there are the large numbers they add further complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll design there’s typically an overwhelming number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency framework we’re living in an era 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 often with pen and paper and that simply blows my mind each 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 state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business spends on international payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses 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 due to time reporting poor HCM data data entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is delivered to the incorrect place the average cost of a global data 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 count on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does

it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble extremely payments no if however some children 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 fundamental and technology is permitting us to type of progress with that it likewise too to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work closer together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide 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 procedure 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 increasingly more essential to contribute to type of the level of complexity there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re simply aiming to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or real tough sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any service has from an expense perspective from an effect perspective on workers it is absolutely critical that it’s done correctly and on time so what we suggest 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 detrimental result on people’s well-being and many other factors if individuals aren’t paid uh I’ve always been astonished entering this Market sort of the last five to ten years is how little thanks the

The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually 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 individuals just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. Therefore, it is important to ensure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the first Global Payments very first payroll payment solution is a great preliminary action towards providing a detailed payroll option for employees worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and bank accounts essential for international payroll are essential factors in accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as planned. Ultimately, we do not do it for the gratitude.

anyway we know how how crucial 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 easy as possible for everyone that’s involved in those procedures and also so envision sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying 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 in fact see what was going on and type of shot to return to everybody so proceeding look why do business choose to primary separate bank accounts there are Papaya Global Update Doesnt Do Anything services out there doing precisely this for particular nations and I have actually worked in a business or numerous services doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t need to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think people have got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually 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 think this is a process that requires looking at it requires altering however eventually people are extremely stuck to what they’re familiar

with ideal um modification is a hard thing we all do not like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping several checking account however there’s a big quantity of complexity opts for setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is substantial but I believe the truthful response is modification um people have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep track of and this technique does position several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so

I recently made a change to our Business 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 gained another CFO, and with this improved ability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Update Doesnt Do Anything

Over the last 5 or six years …Papaya Global Update Doesn\’t Do Anything… functions on the company side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really 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 really very uninspiring and I want I was elsewhere 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 International payroll why business keep different

Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise provide a wrap-up 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 companies operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to optimize working capital, and find how streamlining worldwide payroll payments can transform them from a difficult task into a strategic property.

Handling payroll worldwide is an overwhelming job due to various regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and organizations contributes to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems typically result in manual procedures, data silos, and an absence of integration, causing inconsistencies and inefficiencies. Regardless of residing in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on worldwide payroll the less of a photo they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of global businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be included right and what does

it require to be thought of there’s varying 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to type of progress with that it likewise as well to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work better together than ever um I’m always amazed when individuals say I’ve divided 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 calculation 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more important to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so once again you’re just wanting to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or real challenging kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any business has from an expense perspective from an effect viewpoint on staff members it is absolutely vital that it’s done correctly 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 impact on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been astonished entering this Market kind of the last five to 10 years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll throughout 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 important cycle, and people only observe when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. For that reason, it is essential to ensure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first International Payments first payroll payment solution is an excellent preliminary step towards providing an extensive payroll option for employees worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and checking account required for international payroll are key factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as prepared. Eventually, we don’t do it for the gratitude.

anyway we know 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 easy as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that many 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 absolutely be a fascinating job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of try to return to everybody so proceeding look why do business pick to primary separate checking account there are Papaya Global Update Doesn\’t Do Anything organizations out there doing exactly this for specific countries and I’ve worked in a company or numerous businesses doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and any person that’s managing that process 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 think individuals have actually got so utilized to we require a brand-new bank 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 believe it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it needs altering but ultimately people are extremely stuck to what they recognize

with ideal um modification is a tough thing we all do not like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having preserving numerous savings account however there’s a big amount of complexity opts for setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is big but I think the truthful answer is modification um individuals haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however 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 understand what could nearly be determined to be the next Century or two there is a lot to monitor and this approach does pose numerous difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so

I just recently made a change 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 gotten another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Update Doesn\’t Do Anything