Over the last five or six years …Papaya Global Uk… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer 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 sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 gloomy and I wish 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 looking at the difficulty years of managing International payroll why companies maintain separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and handling them ends up being increasingly more complicated International companies are wanting to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment standpoint many organizations maintain different bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep separate savings account sometimes 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 assisting multinational companies improve the episode complex processes of

making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 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 globe in the traditional payroll model there’s frequently a frustrating variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely really fundamental there’s no genuine consistency framework we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in global payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide organizations have actually expressed 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 poor HCM data information entry errors poorly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s a good 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 considered there’s varying 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 abilities 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 customer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to type of progress with that it also too to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of crucial to add to type of the level of complexity there’s increasingly more benefits being organ or being provided by companies throughout the world so again you’re simply wanting to add a growing number of 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 genuine obstacles or genuine tough type of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any service has from a cost viewpoint from an impact perspective on workers it is absolutely 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 need to be done right it has the biggest detrimental result on people’s wellness and many other elements if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last five to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only see when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. For that reason, it is vital to make sure that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first Global Payments very first payroll payment service is a fantastic preliminary step towards supplying an extensive payroll option for staff members worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and savings account needed for worldwide payroll are essential factors in accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as prepared. Ultimately, we do not do it for the appreciation.

anyhow we understand how how important a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s associated with those procedures and also so picture sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of 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 attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of shot to return to everyone so moving on appearance why do companies select to main different bank accounts there are Papaya Global Uk services out there doing precisely this for particular nations and I’ve operated in a service or many companies doing exactly that I can say it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard I think people have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard 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 numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering however eventually individuals are very stuck to what they recognize

with best um change is a challenging thing all of us do not like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining multiple bank accounts however there’s a substantial quantity of intricacy chooses establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is huge however I think the sincere answer is modification um people have not been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or so there is a lot to monitor and this technique does posture a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Uk

Over the last 5 or six years …Papaya Global Uk… functions on the company side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply 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 sunlight is it it’s not no it’s it’s drizzling here it’s very really dreary and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a recap and that should leave his time at the very extremely 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 International workforces end up being increasingly more common and managing them becomes increasingly more complex International companies are seeking to discover Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment perspective many organizations maintain separate bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to keep separate checking account often in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business improve the episode complex processes of

Ensuring accurate, effective, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to enhance working capital, and discover how improving international payroll payments can transform them from a burdensome job into a tactical possession.

Managing payroll globally is a daunting task due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The large number of employees and services adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.

Standard payroll systems frequently result in manual processes, information silos, and a lack of integration, resulting in disparities and inadequacies. In spite of living in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to provide insights and options to simplify and optimize international payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on international payroll the less of an image they see an absence of presence also extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of global services have revealed 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 bad HCM information information entry errors inadequately communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the needed several procedures 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 difficulties company face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included best and what does

it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 right ultimately constructing a knowledge base is definitely 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 absolutely fundamental and innovation is permitting us to type of progress with that it also as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely important that payroll and financing groups work closer together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high worth on wellness and the compensation landscape is ending up being significantly complex. Organizations are constantly introducing brand-new advantages and payment alternatives, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technologically sophisticated age, there’s no justification for keeping troublesome procedures. Payroll, the company’s biggest cost, must be processed correctly and on time. Even minor hold-ups can adversely affect workers’ wellness and have far-reaching consequences. Therefore, it’s important to prioritize precise and timely payments.

The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only observe when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. For that reason, it is necessary to ensure that jobs like Wi-Fi Worldwide and other essential matters are done properly. Using the very first International Payments very first payroll payment service is an excellent preliminary action towards providing an extensive payroll option for workers worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and savings account needed for global payroll are essential factors in attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as planned. Eventually, we do not do it for the gratitude.

anyhow we understand 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 imagine sorry I’m just I was just gon na say picture 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 talking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying 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 need days of the week to attempt to check out them and in fact see what was going on and kind of shot to get back to everyone so moving on appearance why do companies select to primary different savings account there are Papaya Global Uk companies out there doing exactly this for particular nations and I have actually worked in an organization or numerous organizations doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and anyone that’s managing 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 quantity that we are I believe numerous reasons one is it’s the standard I think 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 functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering but ultimately individuals are very stuck with what they recognize

with right um change is a hard thing all of us don’t like modification um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining several checking account but there’s a substantial amount of complexity goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is huge but I think the truthful answer is modification um individuals have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you know and there is a component 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 benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to track and this technique does present a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so

I just recently made a modification to our Business 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 acquired another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Uk