Over the last 5 or 6 years …Papaya Global Hk Limited Address… functions on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes 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 drizzling here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business preserve separate

Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out 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.

making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most notably policies compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s typically an overwhelming number of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or really extremely basic there’s no genuine consistency structure we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on global payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of international companies 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 errors are because of time reporting bad HCM data data entry errors badly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they count on the essential several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need to be consisted of ideal and what does

it need to be considered there’s differing Bank details 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 consumer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to kind of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 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 individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of crucial to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by services throughout the world so again you’re simply wanting to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real difficult type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would certainly say 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 job there are groups feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we run in they just make them more prompt 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 operating in today there is no reason why we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense point of view from an impact viewpoint on workers it is absolutely crucial that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive result on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been surprised entering this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us become aware of 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the very first International Payments first payroll payment service is a terrific first step um supplying an end-to-end payroll solution for your workers globally again I think is another big um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of organizations and minimizing the number of tools platforms and checking account they need for their International payroll too could not 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 countless 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 have not gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks

anyway we understand 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 simple as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting 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 require days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everyone so proceeding appearance why do companies select to main separate savings account there are Papaya Global Hk Limited Address businesses out there doing precisely this for specific nations and I’ve operated in a company or numerous companies doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not have to and anybody that’s managing 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 standard I believe individuals have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it requires changing however ultimately people are very stuck with what they recognize

with right um change is a difficult thing we all don’t like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining numerous savings account however there’s a big quantity 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 specific people so the intricacy is substantial but I think the sincere response is modification um individuals haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or two there is a lot to monitor and this method does present a number of obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so

I recently made a modification 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 actually gained another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Hk Limited Address

Over the last five or six years …Papaya Global (Hk) Limited Address… roles on the company side and also on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join all of us 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 already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very uninspiring and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business keep separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll also discuss a wrap-up and that must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them ends up being more and more complex Worldwide organizations are aiming to find Solutions and new methods to simplify processes especially from a payroll and cross-border payment perspective numerous organizations keep separate savings account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain separate savings account in some cases in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business enhance the episode complex procedures of

making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most notably guidelines compliance data security and banking guidelines then there are the large numbers they add further complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll model there’s often an overwhelming variety of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really extremely basic there’s no real consistency structure we’re living in a period 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 often with pen and paper and that just blows my mind each time I I think

about it to offer you an idea 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 provides me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of international businesses have expressed 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 information data entry errors badly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is shipped to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they depend on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be included right and what does

it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is absolutely vital but everywhere 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 in 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 innovation is enabling us to kind of move on with that it also too to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work better together than ever um I’m constantly impressed when people state 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 profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of crucial to add to sort of the level of intricacy there’s increasingly more advantages being organ or being used by services across the world so once again you’re just aiming to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or real challenging type of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any service has from an expense point of view from an effect viewpoint on staff members it is absolutely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental effect on people’s wellness and many other factors if individuals aren’t paid uh I have actually constantly been amazed entering into this Market kind of the last five to ten years is how little thanks the

The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just discover when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally too. For that reason, it is necessary to guarantee that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the very first Global Payments first payroll payment solution is an excellent initial step towards supplying a detailed payroll service for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account necessary for international payroll are essential consider achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.

anyhow we understand how how essential a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s involved in 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 could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t envision 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 everyone so proceeding appearance why do business choose to main separate savings account there are Papaya Global (Hk) Limited Address organizations out there doing exactly this for particular nations and I have actually worked in an organization or many businesses doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and anybody that’s handling 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 numerous factors one is it’s the requirement I believe people have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have 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 many other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering but eventually people are very stuck with what they recognize

with best um change is a hard thing we all don’t like modification um so I believe it’s simply 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 understand obviously the benefits of having preserving several savings account but there’s a huge quantity of complexity goes with setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private people so the complexity is big but I believe the truthful answer is modification um people haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or two there is a lot to keep track of and this technique does present several challenges 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 manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global (Hk) Limited Address