Over the last five or six years …Papaya Global…. roles on the service provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type 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 sort of like see where everyone comes from and I actually 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 really extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business preserve separate

Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.

Ensuring precise, effective, and timely payroll payments is a complex obstacle for companies running internationally. 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 costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a challenging job into a tactical property.

Managing payroll worldwide is a complicated job due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.

Standard payroll systems frequently lead to manual procedures, data silos, and an absence of integration, causing disparities and inadequacies. Regardless of residing in a period of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and optimize global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of international companies have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors improperly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the information is shipped to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be consisted of right and what does

it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment 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 intricacy wherever you look best ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more important to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by services across the world so once again you’re simply seeking to add more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real difficulties or real difficult kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things however 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 produce extra handoffs while doing sos that we operate 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 understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from a cost viewpoint from an effect perspective on workers it is absolutely important 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 greatest destructive result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been impressed entering 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 properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only notice when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally as well. Therefore, it is essential to make sure that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the very first International Payments first payroll payment solution is a fantastic initial action towards offering a thorough payroll service for employees worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and checking account needed for worldwide payroll are crucial factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as planned. Ultimately, we do not do it for the thankfulness.

anyway we understand how how essential a role 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 associated with those processes and also so imagine sorry I’m simply I was just gon na say 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 talking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need 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 proceeding appearance why do companies select to main different savings account there are Papaya Global. organizations out there doing precisely this for particular nations and I have actually worked in a company or many businesses doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and anybody that’s dealing with that procedure 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 numerous reasons one is it’s the standard I believe people have actually got so utilized to we require a brand-new bank 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 simply been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it requires changing but eventually people are really stuck to what they’re familiar

with right um change is a tough thing all of us don’t like change um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving several savings account however there’s a substantial amount of complexity opts for setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is big but I believe the truthful response is change um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to monitor and this approach does position numerous difficulties um so Johnny could you tell us about those challenges yeah naturally 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 handle 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 actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global.

Over the last five or six years …Papaya Global… functions on the supplier side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody 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 sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s drizzling here it’s very extremely gloomy and I wish I was somewhere else 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 handling Worldwide payroll why companies maintain different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up which ought to leave his time at the really 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 Worldwide labor forces become increasingly more typical and handling them ends up being more and more complex Global companies are aiming to find Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment standpoint many companies keep separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to preserve separate bank accounts in some cases in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex procedures of

making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they add more intricacy the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll model there’s frequently an overwhelming number of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very extremely basic there’s no genuine consistency structure we’re living in a period of tech however 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 which just blows my mind each time I I think

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 information in real time that’s another number that offers me sleepless nights and rather frankly the more an organization spends on global payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of international services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they count on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be included right and what does

it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 intricacy wherever you look right eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble extremely 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 believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to sort of move on with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and finance teams work better together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 frequently 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 any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of important to add to sort of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so again you’re simply looking to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine tough kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period 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 requires to be concurred and appropriately as you stated payroll is the single greatest liability that any company has from a cost point of view from an impact viewpoint on staff members it is definitely vital that it’s done properly 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 biggest harmful impact on people’s well-being and lots of other factors if individuals aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise 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 International Payments first payroll payment service is a terrific primary step um providing an end-to-end payroll service for your workers globally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of businesses and minimizing the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks

anyway 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true 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 get back to everybody so moving on look why do companies pick to main separate savings account there are Papaya Global businesses out there doing precisely this for specific nations and I have actually worked in an organization or many companies doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing 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 ideas Johnny why do you think 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 individuals have got so used to we need a brand-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 believe it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires altering however eventually individuals are extremely stuck with what they recognize

with ideal um change is a challenging thing all of us don’t like modification um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having maintaining multiple bank accounts but there’s a substantial amount of complexity opts for establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big however I believe the truthful response is change um people have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to monitor and this technique does posture numerous challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global