Over the last 5 or 6 years …Papaya Global Gabon… roles on the supplier side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone 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 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 extremely really bleak and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll also discuss a wrap-up which needs to leave his time at the extremely very 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 Worldwide workforces become increasingly more typical and handling them ends up being increasingly more intricate International organizations are looking to discover Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment standpoint numerous organizations keep different savings account just for payroll while some have numerous accounts in different countries does it make good sense for companies to maintain separate checking account sometimes in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business streamline the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can transform them from a burdensome job into a strategic asset.
Handling payroll globally is a challenging job due to different regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of integration, causing inconsistencies and inefficiencies. In spite of residing in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global companies have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the necessary multiple 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 company face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be included best and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment 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 customer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to type of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals say I’ve 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 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 typically 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 third parties so with the
world we live in and well-being being more and more crucial to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being used by services throughout the world so once again you’re just wanting to include a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine tough kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost viewpoint from an impact perspective on workers it is definitely crucial that it’s done correctly and on time so what we suggest 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 detrimental effect on people’s wellness and many other aspects if individuals aren’t paid uh I have actually always been amazed coming into this Market type of the last five to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only see when things go wrong. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally too. For that reason, it is important to guarantee that tasks like Wi-Fi International and other essential matters are done correctly. Using the first Worldwide Payments first payroll payment option is an excellent preliminary action towards supplying a detailed payroll option for workers worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and savings account needed for international payroll are key consider achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as planned. Eventually, we do not do it for the appreciation.
anyhow 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 simple as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of shot to get back to everybody so proceeding appearance why do companies choose to main separate bank accounts there are Papaya Global Gabon organizations out there doing exactly this for specific countries and I’ve operated in an organization or numerous services doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for any person where we don’t need to and any person that’s managing 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 many reasons one is it’s the standard I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately 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 standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs changing but eventually people are extremely stuck with what they’re familiar
with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining numerous savings account but there’s a huge quantity of intricacy chooses setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is huge however I believe the sincere answer is change um individuals have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep an eye on and this method does pose several challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change 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 gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Gabon