Over the last five or 6 years …Papaya Global Isle Of Man… functions on the company side and also on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates 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 very really bleak and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll likewise go over a recap and that should 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 workforces end up being a growing number of typical and managing them becomes a growing number of complicated Worldwide organizations are looking to find Solutions and new ways to improve procedures particularly from a payroll and cross-border payment standpoint numerous organizations maintain different savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain different savings account often in different nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies enhance the episode complex processes of

Making sure accurate, effective, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and find how improving worldwide payroll payments can change them from a difficult task into a strategic asset.

Managing payroll worldwide is an overwhelming job due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and services contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Standard payroll systems frequently lead to manual processes, information silos, and a lack of combination, causing disparities and ineffectiveness. Regardless of residing in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to offer insights and solutions to simplify and optimize worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in international payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of international companies have actually revealed 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 information data entry mistakes badly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the information is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely 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 needs to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be consisted of ideal and what does

it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 customer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they resemble incredibly 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to kind of move on with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing 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 stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high worth on well-being and the payment landscape is becoming progressively intricate. Businesses are constantly introducing brand-new advantages and payment alternatives, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technologically innovative age, there’s no reason for preserving cumbersome treatments. Payroll, the company’s biggest expenditure, need to be processed properly and on time. Even minor delays can adversely affect employees’ well-being and have significant repercussions. Therefore, it’s crucial to prioritize accurate and prompt payments.

payroll group get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is an excellent first step um offering an end-to-end payroll service for your staff members worldwide again I believe is another huge um process again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of services and decreasing the variety of tools platforms and bank accounts they require for their International 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks

anyway we know how how crucial a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s associated with those procedures and also so picture sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine 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 certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to return to everyone so moving on appearance why do companies pick to primary different savings account there are Papaya Global Isle Of Man businesses out there doing exactly this for particular countries and I’ve operated in a company or many services doing precisely that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we do not have 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 quantity that we are I believe lots of reasons one is it’s the standard I believe people have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you need 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 norm the people have 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 numerous other methods um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs altering but eventually individuals are very stuck to what they’re familiar

with ideal um modification is a difficult thing we all do not like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving several bank accounts but there’s a substantial quantity of intricacy opts for establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is big but I believe the sincere response is modification um people haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or so there is a lot to monitor and this technique does present several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so

I just did you changed 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 staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Isle Of Man

Over the last five or 6 years …Papaya Global Isle Of Man… functions on the company side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind 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 raining here it’s very really bleak and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep separate

Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add more complexity the global Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 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 design there’s often an overwhelming number of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or really very standard there’s no real consistency structure we’re living in a period of tech however payroll has been slow 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 whenever I I believe

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 Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average expense 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 efficiently if they rely on the required multiple procedures 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 service face when they’re making payments to workers or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be consisted of right and what does

it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment 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 need to pay from the customer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people state I have actually divided 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 frequently split and cut up um eventually 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 but 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 type of the level of complexity there’s more and more advantages being organ or being provided by organizations across the world so once again you’re just aiming to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or real challenging kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate 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 an era of tech and a period that you know that we are working in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from a cost point of view from an effect point of view on employees it is definitely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental impact on people’s wellness and numerous other factors 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 group may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. For that reason, it is vital to ensure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Using the first Worldwide Payments first payroll payment option is a great initial step towards supplying a detailed payroll service for staff members worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and bank accounts necessary for global payroll are crucial factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as prepared. Eventually, we do not do it for the thankfulness.

anyhow we know how how crucial 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 imagine sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean 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 try to browse them and really see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies pick to main different savings account there are Papaya Global Isle Of Man companies out there doing exactly this for particular nations and I have actually worked in an organization or many companies doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we don’t need to and anyone 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 many factors one is it’s the standard I believe individuals have got so used to we need a brand-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 believe it’s simply been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it needs changing but ultimately people are really stuck to what they’re familiar

with ideal um change is a difficult thing all of us don’t like modification 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 lot of track of stuff um I understand undoubtedly the benefits of having maintaining multiple checking account however there’s a substantial quantity of intricacy opts for establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is huge but I believe the truthful answer is change um individuals haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or so there is a lot to keep an eye on and this technique does present several challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so

I just 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 Worldwide staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Isle Of Man