Over the last 5 or 6 years …Papaya Global Wont Open… functions on the company side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating 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 everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very bleak and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business preserve separate

Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to optimize working capital, and find how streamlining international payroll payments can change them from a burdensome job into a strategic asset.

Handling payroll worldwide is a complicated job due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems often result in manual processes, data silos, and an absence of combination, leading to disparities and ineffectiveness. Regardless of residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to offer insights and services to simplify and optimize international payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a business spends on international payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of global companies have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors badly interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is shipped to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend 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 requires to be factored into the challenges service face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be included 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 amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to sort of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 typically 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the

The contemporary world positions a high worth on wellness and the payment landscape is ending up being progressively intricate. Businesses are constantly presenting brand-new advantages and payment alternatives, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my opinion, this does not need to be the case. In today’s technologically sophisticated era, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have significant consequences. Therefore, it’s critical to focus on precise and timely payments.

payroll group get um so I’m unsure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the very first International Payments very first payroll payment service is a great initial step um supplying an end-to-end payroll service for your staff members internationally again I think is another huge um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of organizations and decreasing the number of tools platforms and savings account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t think any of us are really doing that for for the thanks

anyway we know 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 processes and also so think of sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and sort of try to return to everybody so proceeding look why do companies choose to main different checking account there are Papaya Global Wont Open services out there doing precisely this for particular countries and I have actually worked in a business or many services doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe individuals have got so used to we require a new bank 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 believe it’s simply been the requirement and the standard individuals have actually embraced 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 lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs changing however eventually people are very stuck to what they’re familiar

with right um modification is a hard thing all of us don’t like modification um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping multiple savings account however there’s a big quantity of complexity goes with establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is big however I believe the sincere answer is change um people have not had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we’ve 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 identified to be the next Century or so there is a lot to monitor and this approach does position a number of difficulties 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 change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Wont Open

Over the last five or 6 years …Papaya Global Won\’t Open… roles on the company 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 all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately 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 interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 extremely extremely bleak 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 taking a look at the difficulty years of managing Worldwide payroll why business maintain separate

Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there’s typically a frustrating variety of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or really extremely standard there’s no real consistency framework we’re residing in an era of tech however 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 which just blows my mind each time I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is delivered to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they count on the essential 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 service face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be consisted of best and what does

it need 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 abilities 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 client’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if however some babies 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 recognition that payroll payments are absolutely essential and technology is allowing us to kind of move on with that it also also to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anybody 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 typically 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 any place they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s more and more advantages being organ or being used by companies across the world so once again you’re simply wanting to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay people 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 operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint 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 at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an impact perspective on employees it is absolutely crucial 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 need to be done right it has the biggest harmful impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been impressed entering into this Market type of the last 5 to 10 years is how little thanks the

The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. Therefore, it is essential to guarantee that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the first International Payments very first payroll payment solution is a fantastic preliminary step towards providing a detailed payroll service for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and bank accounts essential for international payroll are key factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Eventually, we don’t do it for the gratitude.

anyhow we understand 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 everyone that’s associated with those procedures and also so think of sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to return to everyone so proceeding look why do business pick to primary separate bank accounts there are Papaya Global Won\’t Open businesses out there doing precisely this for particular countries and I’ve operated in a service or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we don’t need to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to type 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 individuals are extremely stuck to what they’re familiar

with best um change is a challenging thing all of us do not like change um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining numerous checking account but there’s a big quantity of intricacy goes with setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is big but I believe the truthful answer is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century or so there is a lot to monitor and this approach does position a number of difficulties um so Johnny could you inform 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 jobs on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Won\’t Open