Over the last 5 or six years …Papaya Global Won\’t Download As Searching For Previous Version… functions on the provider side and also on the supplier side from a payroll perspective so really anticipating this discussion 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 quite interesting and I can see it going on currently just 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 drizzling here it’s extremely extremely dreary and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise go over a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and managing them becomes a growing number of complicated International companies are aiming to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment standpoint many companies preserve different bank account just for payroll while some have several accounts in different nations does it make sense for business to maintain separate bank accounts often in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies improve the episode complex procedures of

making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they include additional complexity the worldwide Labor force is presently 3 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 presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll model there’s frequently a frustrating variety of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very very standard there’s no genuine consistency framework 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 typically with pen and paper which simply blows my mind every time I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on global payroll the less of an image they see an absence of presence likewise extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global services have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average expense 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 cash worldwide payroll and payments don’t run smoothly if they depend on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be consisted of ideal and what does

it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they resemble extremely payments no if but some infants 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 innovation is allowing us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t 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 information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more essential to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by companies across the world so again you’re just aiming to add increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine tough kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job 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 does not always need to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age 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 hard as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any service has from an expense viewpoint from an impact perspective on staff members it is definitely important 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 biggest destructive result on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the

The payroll group might not have been thanked for correctly 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 individuals just see when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally too. Therefore, it is essential to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the first Worldwide Payments very first payroll payment service is a fantastic preliminary action towards providing an extensive payroll service for staff members worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and checking account needed for worldwide payroll are crucial consider attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as planned. Ultimately, we don’t do it for the thankfulness.

anyway we know how how crucial 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 simple as possible for everyone that’s associated with those processes and also so imagine sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine 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 definitely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and sort of shot to return to everybody so moving on appearance why do business choose to primary different bank accounts there are Papaya Global Won\’t Download As Searching For Previous Version services out there doing exactly this for particular countries and I have actually worked in a service or lots of organizations doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and anyone 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 amount that we are I believe numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and rightly 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 just 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 individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that needs looking at it needs changing however ultimately people are extremely stuck to what they’re familiar

with right um modification is a difficult thing all of us don’t like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving multiple bank accounts however there’s a huge quantity of intricacy opts for establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big however I think the sincere answer is modification um people have not had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep track of and this method does pose a number of difficulties um so Johnny could you inform us about those difficulties yeah obviously 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 International employees you should have a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Won\’t Download As Searching For Previous Version

Over the last five or six years …Papaya Global Wont Download As Searching For Previous Version… functions on the provider side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join all of us 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 currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies preserve different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll likewise discuss a wrap-up which must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring 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 becomes a growing number of complex International organizations are seeking to discover Solutions and new ways to improve procedures specifically from a payroll and cross-border payment viewpoint many organizations keep different checking account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve separate savings account in some cases in various nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies improve the episode complex processes of

making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they include further complexity the international Workforce is currently three and a half billion people 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 organizations and growing all doing their own thing around the globe in the traditional payroll model there’s often an overwhelming variety of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely really basic there’s no real consistency framework we’re residing in a period of tech but 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 simply blows my mind each time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international organizations 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 because of time reporting bad HCM data information entry errors poorly interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they depend on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be included right 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 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 need to pay from the client’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 absolutely basic and innovation is enabling us to kind of move forward with that it likewise too to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m constantly impressed when people say 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 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 process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more important to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by services throughout the world so once again you’re simply aiming to add increasingly more 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 genuine difficulties or genuine difficult sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info 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 always require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single greatest liability that any business has from a cost perspective from an effect point of view on staff members it is absolutely critical that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental impact on people’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been astonished entering this Market kind of the last 5 to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only notice when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. Therefore, it is important to guarantee that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the first International Payments first payroll payment service is a fantastic initial step towards supplying a thorough payroll option for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and savings account necessary for global payroll are crucial consider accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as prepared. Eventually, we don’t do it for the appreciation.

anyhow we understand how how crucial 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 likewise so think of sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everyone so moving on appearance why do companies pick to main different checking account there are Papaya Global Wont Download As Searching For Previous Version businesses out there doing exactly this for specific nations and I have actually operated in a service or numerous services doing exactly that I can state it doesn’t always feel efficient and it does produce 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 managing that process 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 many reasons one is it’s the standard I believe people have got so used to we require a brand-new bank account we open an entity and rightly so you require 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 requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it needs changing but ultimately people are really stuck to what they recognize

with best um modification is a tough thing we all do not like modification 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 things um I understand certainly the advantages of having maintaining several bank accounts however there’s a big quantity of complexity goes with setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is substantial but I think the honest response is modification um people haven’t had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to keep an eye on and this method does position a number of challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so

I just did you changed 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 International staff members you should have a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Wont Download As Searching For Previous Version