Over the last five or six years …Papaya Global India… functions on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing 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 everyone originates from and I truly 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 very really bleak and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business preserve separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll also discuss a recap which must leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and managing them becomes more and more intricate International companies are aiming to discover Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment perspective numerous organizations maintain different savings account just for payroll while some have several accounts in different nations does it make sense for companies to keep separate savings account in some cases in different nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies improve the episode complex processes of

making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most importantly guidelines compliance information security and banking rules then there are the sheer numbers they include more intricacy the worldwide Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating number of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really very basic there’s no real consistency structure we’re residing in an era 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 and that just blows my mind every time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives 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 presence also extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of international businesses have expressed 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 because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they rely on the necessary numerous 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 difficulties business face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and state what is it what does not need to be consisted of best and what does

it require to be thought of there’s varying 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 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 consumer’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like very 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to kind of progress with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more crucial to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses across the world so again you’re just seeking to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or real tough type of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand 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 need to be in in an era of tech and an age that you know 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 rightly as you stated payroll is the single greatest liability that any organization has from an expense viewpoint from an impact perspective on workers it is absolutely vital 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 greatest detrimental result on people’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been impressed entering this Market type of the last five to ten years is how little thanks the

The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only notice when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. Therefore, it is important to make sure that tasks like Wi-Fi Global and other essential matters are done properly. Utilizing the very first International Payments very first payroll payment option is a fantastic preliminary action towards providing a thorough payroll solution for employees worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and checking account needed for worldwide payroll are key factors in attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as planned. Ultimately, we don’t do it for the gratitude.

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 easy as possible for everybody that’s involved in those processes and also so envision sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job trying 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 attempt to look through them and actually see what was going on and type of shot to get back to everybody so moving on look why do companies pick to primary different savings account there are Papaya Global India organizations out there doing precisely this for particular nations and I have actually operated in a service or many businesses doing exactly that I can say it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new checking 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 just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it needs changing but eventually individuals are extremely stuck to what they recognize

with right um modification is a hard thing we all do not like change um so I think it’s simply kind 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 benefits of having keeping numerous savings account but there’s a substantial amount of intricacy opts for setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is big however I believe the sincere answer is change um people haven’t been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to 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 carrying on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to track and this method does position several challenges um so Johnny might you inform us about those obstacles yeah of course so there’s a variety 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 actually gotten another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global India

Over the last 5 or 6 years …Papaya Global India… functions on the provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 everyone comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely bleak 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 taking a look at the challenge years of managing Worldwide payroll why companies preserve different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also review a recap which should 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 International labor forces end up being a growing number of typical and handling them ends up being a growing number of intricate International companies are aiming to discover Solutions and brand-new methods to simplify procedures specifically from a payroll and cross-border payment standpoint many companies keep separate bank account just for payroll while some have multiple accounts in different nations does it make good sense for business to maintain separate checking account in some cases in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies simplify the episode complex processes of

making payroll payments properly effectively securely 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 business precisely anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most importantly regulations compliance information security and banking rules then there are the sheer numbers they add further complexity the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s frequently a frustrating variety of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or really very standard there’s no genuine consistency structure we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on international payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide services have actually expressed that they do not 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 improperly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be included right and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to type of move on with that it also too to add to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 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 any place they are however also paying statutory authorities and on statutory third parties so with the

The contemporary world positions a high value on wellness and the compensation landscape is ending up being increasingly detailed. Companies are constantly introducing brand-new benefits and payment choices, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s technically sophisticated era, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s most significant cost, must be processed correctly and on time. Even minor hold-ups can adversely impact workers’ wellness and have significant repercussions. Therefore, it’s crucial to focus on accurate and prompt payments.

The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only see when things go wrong. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first Global Payments very first payroll payment service is a fantastic initial step towards providing a thorough payroll solution for workers worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and bank accounts essential for international payroll are crucial factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things do not go as prepared. Eventually, we do not 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 processes and likewise so picture sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh absolutely 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 attempt to check out them and really see what was going on and type of try to return to everyone so moving on appearance why do business choose to main different savings account there are Papaya Global India services out there doing precisely this for specific nations and I’ve worked in a service or numerous companies doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for any person where we do not have to and anyone 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 lots of reasons one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering but ultimately individuals are extremely stuck with what they recognize

with right um change is a hard thing all of us do not like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving multiple checking account but there’s a substantial amount of intricacy opts for setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is huge however I believe the truthful response is modification um individuals have not been able to alter or have not had always the understanding to really make that change into alternate Solutions other than 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 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 could practically be determined to be the next Century or so there is a lot to monitor and this technique does present a number of difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global India