Over the last five or 6 years …Papaya Global Payroll Where\’s My Deposit… roles on the service provider side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really 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 very uninspiring and I want I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies maintain separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll likewise go over a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more common and managing them becomes increasingly more intricate Global organizations are aiming to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment standpoint numerous companies keep separate savings account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve different bank accounts often in various countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business streamline the episode complex procedures of

making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most notably policies compliance data security and banking rules then there are the sheer numbers they add further complexity the global Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll design there’s typically an overwhelming variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or very really standard there’s no genuine consistency structure we’re living in an era 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 often with pen and paper and that simply blows my mind whenever I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide 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 errors are because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they count on the needed 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 difficulties company face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and state what is it what does not require to be included ideal and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to sort of move forward with that it likewise also to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry 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 any place they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more important to contribute to kind of the level of intricacy there’s more and more benefits being organ or being provided by services throughout the world so once again you’re just wanting to add more and more payments to this already complicated 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 challenges or genuine difficult type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an impact point of view on workers it is absolutely crucial 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 damaging result on people’s wellness and many other factors if individuals aren’t paid uh I have actually constantly been amazed entering into this Market type of the last 5 to 10 years is how little thanks the

The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually 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 just see when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally too. Therefore, it is vital to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Using the very first International Payments very first payroll payment option is a great initial step towards offering an extensive payroll service for employees worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and checking account necessary for global payroll are key factors in achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.

anyway we understand 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 processes and likewise so imagine sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about 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 but it would absolutely be an intriguing job trying to clean up 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 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 everybody so proceeding appearance why do companies choose to primary separate bank accounts there are Papaya Global Payroll Where\’s My Deposit organizations out there doing exactly this for specific nations and I’ve worked in a service or numerous organizations doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and any person that’s dealing with 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 lots of reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new savings 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 think it’s simply been the requirement and the standard the people have embraced 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 numerous other ways um to to type of do it so I believe there’s a range I think this is a process that needs looking at it needs changing but eventually individuals are extremely stuck with what they’re familiar

with best um change is a tough thing all of us don’t like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining multiple checking account however there’s a huge amount of complexity chooses setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is huge but I believe the sincere answer is modification um individuals haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component 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 benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this method does posture several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so

I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Where\’s My Deposit

Over the last 5 or 6 years …Papaya Global Payroll Wheres My Deposit… roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business preserve different

Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also offer a wrap-up 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 worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most notably guidelines compliance data security and banking rules then there are the large numbers they include further intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating variety of various systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or very very basic there’s no real consistency framework we’re residing in an era 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 typically with pen and paper which simply blows my mind whenever I I think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of global organizations have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes badly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars once 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 multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a good question I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment 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 consumer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they are like incredibly payments no if but 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to sort of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the

The modern-day world puts a high worth on wellness and the payment landscape is ending up being significantly complex. Businesses are continuously introducing brand-new benefits and payment alternatives, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technically advanced era, there’s no reason for maintaining troublesome treatments. Payroll, the business’s greatest expense, should be processed properly and on time. Even minor hold-ups can adversely affect staff members’ well-being and have far-reaching repercussions. For that reason, it’s important to focus on precise and prompt payments.

The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just notice when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally too. Therefore, it is necessary to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first Global Payments very first payroll payment solution is a great initial action towards offering an extensive payroll solution for employees worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and bank accounts required for worldwide payroll are key consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as prepared. Eventually, we don’t do it for the thankfulness.

anyhow we understand how how important 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 everyone that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na state picture 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 speaking about hundreds of thousands possibly 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 an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everyone so carrying on appearance why do companies pick to main separate bank accounts there are Papaya Global Payroll Wheres My Deposit services out there doing exactly this for particular countries and I’ve worked in a business or lots of services doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and any person 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 amount that we are I think many factors one is it’s the standard I think 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 think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing however ultimately individuals are really stuck with what they recognize

with ideal um modification is a tough thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining several bank accounts however there’s a huge quantity of complexity goes with establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is big however I think the truthful response is change um individuals have not had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be identified to be the next Century approximately there is a lot to track and this approach does present numerous challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so

I just 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 seems like our CFO has gained another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Payroll Wheres My Deposit