Over the last five or six years …Papaya Global Niger… roles on the supplier side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually 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 raining here it’s extremely really uninspiring and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise go over a recap and that needs to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and managing them ends up being more and more complicated International companies are looking to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment perspective numerous companies preserve different bank account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve different checking account sometimes in different nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies enhance the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and discover how simplifying international payroll payments can transform them from a troublesome job into a tactical property.
Managing payroll worldwide is a difficult task due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual procedures, information silos, and an absence of integration, resulting in disparities and ineffectiveness. Despite living in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to provide insights and options to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more an organization spends on global payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide companies have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they rely on the essential numerous 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 challenges service face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t 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 timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of move on with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by businesses across the world so once again you’re just seeking to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine challenges or genuine difficult type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would certainly 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 task 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 does not always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run 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 a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any company has from an expense point of view from an effect viewpoint on employees it is definitely crucial that it’s done correctly and on time so what we imply 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 detrimental result on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been amazed entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is a fantastic first step um providing an end-to-end payroll service for your employees internationally once again I think is another substantial um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of businesses and lowering the number of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyway we know how how important a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everybody that’s associated with those procedures and likewise so think of sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can’t envision 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 really see what was going on and kind of try to get back to everybody so moving on appearance why do companies pick to main different checking account there are Papaya Global Niger organizations out there doing precisely this for particular countries and I have actually operated in a company or lots of organizations doing exactly that I can say it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not need to and anybody that’s managing 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 amount that we are I believe numerous reasons one is it’s the standard I think people have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires changing but ultimately people are very stuck with what they recognize
with right um modification is a tough thing we all don’t like change um so I believe it’s just type 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 preserving multiple checking account however there’s a big quantity of intricacy opts for setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is substantial however I think the honest response is modification um individuals haven’t been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep track of and this technique does present several challenges um so Johnny could you inform us about those challenges yeah naturally 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 manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Niger