Over the last 5 or 6 years …Papaya Global Turkey… roles on the service provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of 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 fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely dreary 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 taking a look at the difficulty years of managing Worldwide payroll why business preserve different

Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

Making sure accurate, efficient, and timely payroll payments is a complex challenge for organizations running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and discover how streamlining global payroll payments can transform them from a burdensome task into a tactical asset.

Handling payroll worldwide is a complicated job due to various policies, compliance requirements, data security concerns, and banking rules. The large number of employees and organizations adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.

Standard payroll systems often result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Regardless of residing in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and services to simplify and enhance global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of global companies have 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 data information entry errors improperly communicated hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the incorrect place the average expense of a worldwide information 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 don’t run efficiently if they depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be consisted of ideal and what does

it need 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 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 client’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble very payments no if but some infants 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 essential and technology is allowing 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 Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals say I have actually split 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 split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high worth on well-being and the payment landscape is becoming significantly elaborate. Services are continuously introducing brand-new advantages and payment alternatives, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today’s technologically sophisticated age, there’s no reason for maintaining troublesome treatments. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even slight delays can adversely impact employees’ wellness and have significant effects. Therefore, it’s critical to focus on accurate and timely payments.

payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly 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 a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails however 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 crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your staff members worldwide again I believe is another huge um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies and minimizing the variety of tools platforms and savings account they need for their Worldwide 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks

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 everyone that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision 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 certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and type of try to get back to everybody so moving on look why do companies select to main different bank accounts there are Papaya Global Turkey companies out there doing precisely this for particular nations and I have actually operated in a service or many companies doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and anybody 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 think many reasons one is it’s the standard I think individuals have actually got so utilized to we require 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 believe it’s just been the standard and the norm 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 methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs altering but eventually people are very stuck with what they recognize

with best um modification is a tough thing we all don’t like modification um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving numerous savings account but there’s a substantial amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is huge but I think the truthful answer is change um people haven’t been able to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep an eye on and this approach does present numerous obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so

I just recently made a change to our Enterprise 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 actually gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Turkey

Over the last 5 or six years …Papaya Global Turkey… functions on the service provider side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody 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 rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody 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 drizzling here it’s very really bleak and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and handling them becomes more and more intricate Worldwide organizations are wanting to discover Solutions and new ways to simplify processes specifically from a payroll and cross-border payment standpoint numerous companies preserve separate savings account just for payroll while some have several accounts in different nations does it make sense for business to maintain separate bank accounts in some cases in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies improve the episode complex processes of

making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most notably policies compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the international Workforce is presently 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 consider 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 variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely extremely basic there’s no genuine consistency framework we’re living in an era of tech but payroll has 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 whenever I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business spends on international payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be consisted of right 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 amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely 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 think 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 likewise too to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance teams work better together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation 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 information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high value on wellness and the settlement landscape is becoming progressively intricate. Companies are continually presenting brand-new benefits and payment options, which adds to the general complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s technologically sophisticated era, there’s no justification for preserving cumbersome treatments. Payroll, the company’s greatest expense, should be processed correctly and on time. Even small delays can adversely impact workers’ well-being and have far-reaching effects. For that reason, it’s important to focus on accurate and timely payments.

The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only discover when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally also. For that reason, it is vital to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the very first International Payments first payroll payment option is a great initial step towards supplying an extensive payroll service for employees worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and bank accounts required for international payroll are key factors in achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as prepared. Ultimately, we do not do it for the gratitude.

anyway we understand 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 associated with those processes and likewise so picture sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task 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 attempt to browse them and actually see what was going on and kind of shot to get back to everyone so carrying on look why do business choose to primary separate savings account there are Papaya Global Turkey businesses out there doing exactly this for particular nations and I’ve operated in an organization or numerous businesses doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and anybody that’s dealing with 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 numerous factors one is it’s the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and rightly 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 standard and the standard the people 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 ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs altering however ultimately individuals are extremely stuck to what they’re familiar

with best um change is a tough thing all of us don’t like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having keeping multiple savings account however there’s a big quantity of intricacy goes with establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is big however I believe the sincere answer is change um individuals have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to monitor and this technique does posture several obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety 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 International staff members you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Turkey