Over the last five or six years …Papaya Global Week 1/Month 1… roles on the provider side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort 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 kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 very really bleak and I wish I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies maintain different

Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most notably guidelines compliance information security and banking rules then there are the large numbers they add more complexity the international Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s often an overwhelming variety of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely really 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 and that just blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can cause compliance mishaps 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 need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the essential numerous 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 service face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be consisted of right and what does

it need to be thought of 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 abilities 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 client’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble very payments no if but some children 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 absolutely basic and technology is enabling us to sort of progress with that it likewise as well to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 people any place they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by businesses across the world so once again you’re simply seeking to add more and 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 however have you got any experience in kind of real difficulties or genuine challenging kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an effect viewpoint on employees it is definitely vital that it’s done properly 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 damaging impact on people’s wellness and many other elements if people aren’t paid uh I’ve always been impressed coming into this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a fantastic primary step um providing an end-to-end payroll service for your employees internationally again I believe is another substantial um process once again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they require for their Global 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 had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks

anyway we understand how how crucial a 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 everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting 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 require days of the week to attempt to browse them and really see what was going on and kind of try to return to everybody so proceeding appearance why do companies select to primary different savings account there are Papaya Global Week 1/Month 1 services out there doing exactly this for particular nations and I have actually worked in a service or numerous companies doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not need to and anyone that’s dealing with 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 reasons one is it’s the requirement I think people have got so used to we require a brand-new checking account we open an entity and appropriately 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 just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that needs looking at it needs changing however eventually people are really stuck to what they’re familiar

with right um change is a difficult thing we all do not like change um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving numerous savings account however there’s a huge quantity of intricacy opts for setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is substantial however I think the sincere answer is modification um people haven’t been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to track and this method does posture numerous challenges um so Johnny could you tell us about those challenges yeah of course 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 Global employees you are worthy of a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Week 1/Month 1

Over the last 5 or 6 years …Papaya Global Week 1 Month 1… functions on the supplier side and also on the vendor side from a payroll point of view so truly anticipating 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 all of us 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 everybody originates from and I actually do hope it’s much sunnier than it remains 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 uninspiring and I wish I was somewhere else at this moment in time alright 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 managing Worldwide payroll why companies maintain separate

Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about 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.

Ensuring precise, effective, and timely payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can transform them from a burdensome job into a tactical possession.

Managing payroll globally is a complicated task due to different regulations, compliance requirements, information security issues, and banking rules. The large variety of employees and services contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.

Standard payroll systems frequently lead to manual procedures, information silos, and a lack of combination, leading to inconsistencies and inefficiencies. Despite residing in an age of technological developments, payroll management has 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 streamline and enhance international payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of international organizations have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations as well as lack management and system setups and then when you round it all off and the information is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they count on the required several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great question I always toss this back and say what is it what does not need to be included best and what does

it need to be thought about there’s differing 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 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 ideal eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to sort of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance teams work better together than ever um I’m always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually 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 3rd parties so with the

world we reside in and wellness being a growing number of important to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by services across the world so again you’re simply aiming to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine difficult sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly state 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 task there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as tough as it requires 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 viewpoint on staff members it is definitely important that it’s done properly and on time so what we mean 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 harmful effect on individuals’s well-being and many other aspects if people aren’t paid uh I’ve always been impressed coming into this Market sort of the last five to 10 years is how little thanks the

The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. For that reason, it is necessary to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Using the very first International Payments very first payroll payment solution is an excellent preliminary step towards offering an extensive payroll option for workers worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts necessary for international payroll are key factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as prepared. Ultimately, we do not do it for the thankfulness.

anyway we understand how how important 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 involved in 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 amount of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of try to return to everybody so proceeding look why do business choose to main separate checking account there are Papaya Global Week 1 Month 1 services out there doing exactly this for particular countries and I have actually operated in a business or many businesses doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for anybody where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think people have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering but ultimately individuals are very stuck to what they recognize

with right um modification is a challenging thing we all do not like change um so I think it’s just kind 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 clearly the advantages of having preserving numerous savings account however there’s a big quantity of complexity chooses setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is big however I think the honest answer is change um people haven’t been able to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep an eye on and this approach does pose a number of difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I just recently made a modification 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 gained another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Week 1 Month 1