Over the last 5 or 6 years …Papaya Global United Kingdom… roles on the company side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly 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 extremely extremely dreary and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business preserve different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we’ll also review a wrap-up which ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them becomes a growing number of intricate International organizations are aiming to discover Solutions and new ways to streamline processes particularly from a payroll and cross-border payment viewpoint lots of companies preserve separate bank account just for payroll while some have numerous accounts in different nations does it make sense for companies to maintain separate checking account often in various 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 helping multinational companies simplify the episode complex processes of

Making sure precise, efficient, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and discover how streamlining global payroll payments can change them from a difficult job into a tactical possession.

Handling payroll internationally is a challenging task due to various policies, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and services adds to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems frequently lead to manual procedures, information silos, and a lack of integration, resulting in disparities and ineffectiveness. In spite of residing in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and options to simplify and optimize global payroll payments.

about it to give 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 gives me sleepless nights and rather honestly the more a business invests in international payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide services have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the incorrect place the typical 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 all over the world payroll and payments do not run efficiently if they depend on the necessary multiple procedures 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 paying to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not require to be included best and what does

it need to be thought about 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 intricacy wherever you look right eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they are like very payments no if but some infants 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 recognition that payroll payments are absolutely essential and technology is allowing us to type of move on with that it also also to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of important to add to type of the level of intricacy there’s a growing number of benefits being organ or being offered by companies throughout the world so once again you’re just aiming to add a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or real tough sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a company 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 really handling the payment side of things but you understand 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 need to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense point of view from an effect point of view on workers it is definitely vital that it’s done properly and on time so what we suggest 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 damaging effect on individuals’s wellness and lots of other elements if individuals aren’t paid uh I have actually constantly been amazed entering into this Market type of the last five to ten years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally as well. Therefore, it is necessary to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the first International Payments very first payroll payment option is a great initial step towards supplying a thorough payroll option for workers worldwide. Standardization, global processes, and lowering the number of tools, platforms, and bank accounts required for global payroll are crucial factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as planned. Ultimately, we don’t do it for the gratitude.

anyway we understand how how essential 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 involved in those procedures and also so picture sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing 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 was the case um you ‘d require days of the week to try to browse them and really see what was going on and sort of try to get back to everyone so moving on appearance why do business choose to primary separate bank accounts there are Papaya Global United Kingdom businesses out there doing exactly this for particular countries and I have actually worked in a business or numerous companies doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have 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 many factors one is it’s the requirement I believe individuals have actually got so used to we need a new bank 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 think it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I think this is a process that requires taking a look at it needs altering however ultimately individuals are extremely stuck to what they recognize

with ideal um modification is a difficult thing we all don’t like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving numerous savings account but there’s a big amount of intricacy opts for setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is substantial but I think the sincere response is change um individuals have not had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to monitor and this approach does pose several challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so

I simply did you switched our Business 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 Global staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global United Kingdom

Over the last five or 6 years …Papaya Global United Kingdom… roles on the supplier side and also on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days 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 type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I want I was somewhere else 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 obstacle years of handling International payroll why business maintain separate

Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they include more intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll design there’s often a frustrating number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or really really basic there’s no real consistency framework we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies 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 invests in international payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide services have actually revealed 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 because of time reporting bad HCM information information entry mistakes improperly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the necessary multiple 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 an excellent concern I constantly toss this back and state what is it what does not require to be consisted of ideal and what does

it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 innovation is allowing us to kind of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m constantly impressed when people say I have actually divided 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 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the

The modern world puts a high value on well-being and the compensation landscape is ending up being increasingly intricate. Companies are continually presenting brand-new benefits and payment options, which contributes to the overall complexity. Big corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my opinion, this does not have to hold true. In today’s technically innovative age, there’s no validation for preserving cumbersome treatments. Payroll, the company’s greatest expenditure, must be processed correctly and on time. Even minor delays can negatively impact employees’ wellness and have significant consequences. Therefore, it’s important to prioritize accurate and timely payments.

The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just observe when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally too. For that reason, it is essential to make sure that tasks like Wi-Fi Global and other essential matters are done correctly. Utilizing the first Global Payments first payroll payment option is a terrific initial step towards supplying an extensive payroll solution for staff members worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and checking account essential for global payroll are key consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as planned. Eventually, we don’t do it for the appreciation.

anyway we understand how how crucial 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 imagine sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I suggest 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 imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so moving on appearance why do companies choose to main different savings account there are Papaya Global United Kingdom services out there doing precisely this for particular nations and I have actually worked in a business or numerous organizations doing exactly that I can state it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I think people have actually got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering but ultimately individuals are extremely stuck to what they’re familiar

with ideal um change is a challenging thing all of us don’t like change um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving several bank accounts but there’s a huge quantity of intricacy chooses establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual people so the complexity is big however I think the truthful answer is modification 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 savings account I think you have actually struck 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 reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep track of and this approach does present several obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so

I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global United Kingdom