Over the last 5 or 6 years …Ni\’able Earnings Papaya Global Part 2… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately 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 currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes 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 very bleak and I want I was elsewhere at this moment in time fine so let’s get started our agenda 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

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise review a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and managing them becomes increasingly more complicated Worldwide companies are aiming to discover Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment perspective lots of organizations preserve different bank account just for payroll while some have several accounts in various countries does it make sense for business to maintain separate checking account sometimes in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies streamline the episode complex procedures of

Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to enhance working capital, and discover how streamlining international payroll payments can transform them from a difficult task into a strategic asset.

Managing payroll internationally is an overwhelming task due to numerous policies, compliance requirements, information security concerns, and banking rules. The large variety of staff members and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.

Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of combination, leading to disparities and inadequacies. Despite living in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to supply insights and options to streamline and enhance worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state 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 global payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide companies have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the needed several processes systems and partners it is just 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 great question I constantly toss this back and say what is it what does not require to be included ideal and what does

it need to be considered 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is definitely vital but all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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

The modern-day world places a high worth on well-being and the compensation landscape is ending up being progressively detailed. Services are continuously presenting brand-new advantages and payment choices, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today’s technologically sophisticated period, there’s no validation for maintaining cumbersome procedures. Payroll, the company’s greatest cost, must be processed correctly and on time. Even small hold-ups can adversely affect staff members’ well-being and have significant consequences. For that reason, it’s crucial to focus on accurate and prompt payments.

payroll group get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is a great primary step um providing an end-to-end payroll solution for your employees worldwide once again I believe is another big um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks

anyhow 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 easy as possible for everyone that’s involved in those procedures and also so envision sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean all those up for sure oh definitely I can’t envision 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 really see what was going on and type of shot to get back to everybody so moving on appearance why do business choose to main different bank accounts there are Ni\’able Earnings Papaya Global Part 2 businesses out there doing exactly this for particular countries and I’ve worked in a service or numerous services doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and any person that’s handling 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 numerous reasons one is it’s the requirement I think people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals 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 looking at it requires changing however ultimately individuals are very stuck to what they recognize

with ideal um modification is a tough thing we all don’t like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having keeping multiple savings account however there’s a huge quantity of complexity opts for setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is huge however I believe the truthful answer is change um individuals haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to track and this method does present several obstacles um so Johnny could you inform us about those difficulties yeah of course 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 manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Ni\’able Earnings Papaya Global Part 2

Over the last 5 or 6 years …Niable Earnings Papaya Global Part 2… 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 fine thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days 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 everybody is um it’s nice to to kind of like see where everyone 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 raining here it’s really really gloomy and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business maintain separate

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

making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include further complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll design there’s often a frustrating number of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency framework 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 typically with pen and paper which just blows my mind every time I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a business invests in international payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of global businesses have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors badly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the information is shipped to the incorrect place the average 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 cash worldwide payroll and payments do not run smoothly if they depend on the needed 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 obstacles business face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be consisted of right 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 time frames 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 ultimately developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to sort of progress with that it likewise also to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I’m always surprised when people state I have actually split 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 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 ultimately it’s payroll is an end-to-end procedure 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 reside in and well-being being increasingly more essential to add to sort of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations across the world so once again you’re just seeking to include more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine difficult sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the larger 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 groups feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily 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 just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost viewpoint from an impact viewpoint on staff members it is absolutely crucial that it’s done correctly and on time so what we indicate 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 destructive impact on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been impressed coming into this Market type of the last 5 to ten years is how little thanks the

The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only observe when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally too. For that reason, it is vital to guarantee that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment option is a terrific preliminary step towards offering a comprehensive payroll solution for staff members worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and checking account required for global payroll are essential consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as planned. Ultimately, we don’t do it for the appreciation.

anyway we know how how essential 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 everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that lots of 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 absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and kind of try to get back to everybody so carrying on look why do business choose to primary separate checking account there are Niable Earnings Papaya Global Part 2 companies out there doing precisely this for particular countries and I have actually operated in a business or many companies doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we do not need 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 numerous reasons one is it’s the requirement I believe people have got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I believe this is a process that requires looking at it requires changing however eventually people are extremely stuck with what they’re familiar

with right um change is a hard thing we all don’t like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining numerous checking account however there’s a huge quantity of complexity chooses setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is substantial but I think the truthful answer is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change but 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 proceeding and moving into you know what might almost be identified to be the next Century approximately there is a lot to keep track of and this method does position numerous obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so

I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Niable Earnings Papaya Global Part 2