Over the last 5 or 6 years …Papaya Global Belgium… roles on the company side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already 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 is 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 really uninspiring 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 taking a look at the obstacle years of managing International payroll why business keep different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll also go over a recap and that should leave his time at the really really 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 Global labor forces end up being increasingly more typical and managing them ends up being more and more complex Global companies are aiming to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of organizations maintain separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to keep separate bank accounts often in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business streamline the episode complex processes of

making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most importantly regulations compliance information security and banking rules then there are the sheer numbers they include further intricacy the global Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s typically a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or extremely really fundamental there’s no genuine consistency structure we’re living in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I believe

about it to give you an idea 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 provides me sleep deprived nights and rather frankly the more a business spends on international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide companies have actually revealed that they don’t 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 mistakes poorly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they count on the needed several 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 difficulties service face when they’re making payments to employees or otherwise that’s a good question I always toss this back and state what is it what does not need to be consisted of ideal and what does

it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the client’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble extremely payments no if however some babies 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to sort of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more crucial to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being used by organizations across the world so again you’re just wanting to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine tough kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely state that the bigger an organization 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we run 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 an age 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 appropriately as you stated payroll is the single biggest liability that any company has from an expense point of view from an impact point of view on employees it is absolutely critical that it’s done properly 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 most significant detrimental result on individuals’s wellness and many other aspects if people aren’t paid uh I have actually constantly been surprised entering this Market sort of the last 5 to ten years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is essential to guarantee that jobs like Wi-Fi Global and other vital matters are done correctly. Utilizing the first Global Payments very first payroll payment option is a terrific preliminary step towards offering an extensive payroll solution for staff members worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and checking account required for global payroll are key factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the gratitude.

anyhow we understand how how crucial a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everybody that’s associated with those processes and also so envision sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine 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 however it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of try to get back to everybody so moving on look why do companies pick to primary separate savings account there are Papaya Global Belgium businesses out there doing precisely this for specific nations and I’ve operated in a service or many companies doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for any person where we don’t 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 lots of reasons one is it’s the requirement I think people have got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing but ultimately people are really stuck with what they recognize

with best um modification is a tough thing we all don’t like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping multiple savings account but there’s a huge quantity of complexity opts for establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is huge however I think the truthful response is modification um individuals haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but 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 could practically be determined to be the next Century or so there is a lot to monitor and this method does present numerous obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range 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 gained another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Belgium

Over the last five or 6 years …Papaya Global Belgium… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide 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 rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind 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 really extremely bleak and I wish 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 looking at the obstacle years of handling Worldwide payroll why business maintain different

Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially useful for international companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can change them from a burdensome job into a strategic asset.

Handling payroll globally is a daunting task due to various regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of workers and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.

Conventional payroll systems often result in manual procedures, information silos, and a lack of combination, resulting in inconsistencies and inadequacies. In spite of living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to offer insights and options to simplify and optimize global payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide businesses have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the information 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 require to move the money around the world payroll and payments don’t run efficiently if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t require to be consisted of ideal 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 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 have to pay from the client’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is definitely critical however 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 take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to kind of move on with that it also also to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance groups work better together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody 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 information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more crucial to add to sort of the level of intricacy there’s more and more advantages being organ or being offered by organizations across the world so once again you’re just seeking to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or real challenging sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely 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 groups feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate 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 an era of tech and an age that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any company has from a cost viewpoint from an effect point of view on workers it is absolutely critical that it’s done properly and on time so what we indicate 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 destructive effect on individuals’s well-being and many other elements if people aren’t paid uh I have actually always been amazed entering this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 stuff is absolutely vital that all of this things is done properly so leveraging the first Global Payments first payroll payment option is an excellent first step um offering an end-to-end payroll service for your staff members internationally once again I think is another substantial um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of services and decreasing the number of tools platforms and savings account they require for their Worldwide 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 ever had a hundred countless 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 grievances where things haven’t gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks

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 everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and type of try to return to everybody so proceeding look why do business pick to main different bank accounts there are Papaya Global Belgium companies out there doing precisely this for specific countries and I’ve operated in a business or lots of services doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not have to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I believe individuals have got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs altering however eventually people are really stuck to what they recognize

with best um change is a tough thing all of us don’t like modification um so I believe it’s just kind 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 understand undoubtedly the advantages of having keeping several checking account but there’s a huge quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is huge but I believe the sincere answer is modification um individuals have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or so there is a lot to track and this technique does posture several difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so

I 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 improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Belgium