Over the last 5 or 6 years …Papaya Global Uae… roles on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing 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 everyone comes from and I truly 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 raining here it’s very very gloomy 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 obstacle years of handling Global payroll why business preserve separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll also go over a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and managing them ends up being more and more intricate Worldwide companies are aiming to discover Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment perspective many organizations keep different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to keep separate bank accounts often in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies simplify the episode complex processes of

Ensuring precise, effective, and prompt payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and find how streamlining international payroll payments can change them from a troublesome task into a strategic property.

Managing payroll worldwide is a difficult task due to different guidelines, compliance requirements, information security issues, and banking rules. The large variety of workers and companies adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.

Traditional payroll systems often lead to manual processes, data silos, and a lack of integration, leading to inconsistencies and ineffectiveness. Despite residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to offer insights and solutions to simplify and enhance global payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of global services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the typical 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 world payroll and payments don’t run efficiently if they count on the required multiple processes 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 difficulties organization face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be included best and what does

it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to sort of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m always surprised when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high value on wellness and the compensation landscape is ending up being progressively detailed. Businesses are continuously presenting brand-new advantages and payment choices, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s highly advanced era, there’s no validation for maintaining troublesome procedures. Payroll, the business’s greatest expense, should be processed properly and on time. Even minor hold-ups can negatively impact staff members’ well-being and have significant repercussions. Therefore, it’s vital to prioritize accurate and timely payments.

The payroll group might not have actually 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 staff members or not. Payroll is an essential cycle, and people just observe when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally as well. For that reason, it is necessary to ensure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first Global Payments first payroll payment option is an excellent preliminary step towards supplying a detailed payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and bank accounts essential for international payroll are key consider accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.

anyhow we know how how important 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 easy as possible for everybody that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely 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 try to browse them and really see what was going on and sort of try to return to everybody so moving on look why do companies select to primary separate checking account there are Papaya Global Uae organizations out there doing precisely this for specific nations and I have actually operated in a company or lots of companies doing exactly that I can state it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we do not need to and any person that’s managing 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 think many factors one is it’s the standard I believe people have actually got so used to we require a new savings account we open an entity and rightly so you require 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 the people have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that requires looking at it requires altering however eventually people are extremely stuck to what they recognize

with ideal um modification is a hard thing we all do not like modification um so I think it’s simply type 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 undoubtedly the advantages of having maintaining several checking account however there’s a big quantity of complexity opts for setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is huge however I believe the honest response is change um people have not had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions other than 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 alter however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to track and this method does position a number of challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so

I simply did you changed our Business 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 Worldwide workers you deserve a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Uae

Over the last 5 or 6 years …Papaya Global Uae… roles on the supplier side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing 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 drizzling here it’s very extremely bleak and I want I was elsewhere 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 managing Worldwide payroll why business maintain different

Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they include more intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 worldwide in the conventional payroll design there’s frequently a frustrating variety of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or very extremely standard there’s no real consistency structure we’re living in a period of tech but payroll has actually been slow 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 think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a business spends on global payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide organizations have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors badly communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is delivered to the wrong location the average expense of a global information 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 don’t run smoothly if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does

it require 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 customer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble very 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 basic and innovation is permitting us to kind of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m always 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 work in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data 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 reside in and wellness being a growing number of essential to contribute to type of the level of complexity there’s a growing number of benefits being organ or being provided by organizations across the world so once again you’re simply wanting to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine tough kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would definitely say that the bigger an organization 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 teams feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single greatest liability that any company has from an expense perspective from an effect perspective on employees it is absolutely critical 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 most significant damaging impact on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been surprised entering this Market type of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise 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 things is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a great primary step um offering an end-to-end payroll solution for your workers globally once again I believe is another substantial um process again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of organizations and lowering the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks

anyway 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of shot to return to everyone so carrying on appearance why do business choose to primary different checking account there are Papaya Global Uae organizations out there doing precisely this for particular nations and I have actually worked in a business or numerous businesses doing precisely that I can say it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s managing 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 think numerous reasons one is it’s the requirement I believe individuals have got so used to we require a new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add 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 believe there’s a variety I think this is a process that needs taking a look at it requires changing but ultimately people are extremely stuck with what they recognize

with best um modification is a hard thing all of us do not like change um so I think it’s simply 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 advantages of having preserving several bank accounts but there’s a big amount of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is big but I think the truthful answer is modification um people haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to change 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 nearly be figured out to be the next Century or so there is a lot to keep track of and this method does position several difficulties um so Johnny could you tell us about those obstacles yeah obviously 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 feels like our CFO has gained another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Uae