Over the last five or six years …Papaya Global Rwanda… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone comes 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 raining here it’s very very gloomy and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for services operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to optimize working capital, and discover how improving international payroll payments can change them from a burdensome task into a strategic property.
Handling payroll internationally is an overwhelming job due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer number of staff members and organizations adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and an absence of combination, causing inconsistencies and ineffectiveness. Regardless of residing in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and options to simplify and optimize worldwide payroll payments.
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 offers me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide organizations have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes badly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is delivered to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the needed numerous procedures 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 organization face when they’re making payments to workers or otherwise that’s an excellent question I constantly 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 about there’s varying 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 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 ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like very payments no if but some children 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 innovation is enabling us to kind of move on with that it also as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals say 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 divide the payroll payment from calculation I would say no so why do we as an industry 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to add to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by organizations throughout the world so again you’re just wanting to include increasingly more payments to this already intricate landscape so if you type 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 real difficult kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop additional 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 require to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any service has from an expense point of view from an effect perspective on employees it is absolutely important that it’s done properly 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 destructive effect on people’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been amazed entering into this Market type of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only notice when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally also. Therefore, it is important to guarantee that jobs like Wi-Fi Worldwide and other important matters are done correctly. Using the first Worldwide Payments first payroll payment solution is a terrific initial action towards providing a detailed payroll option for employees worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and checking account necessary for global payroll are essential consider accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.
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 everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t imagine 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 in fact see what was going on and type of shot to return to everyone so carrying on appearance why do companies pick to primary different checking account there are Papaya Global Rwanda companies out there doing precisely this for specific nations and I have actually worked in an organization or many companies doing precisely 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 creating additional work for anyone where we don’t have to and any person 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 think numerous factors one is it’s the standard I believe individuals have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions 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 individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs changing but ultimately individuals are extremely stuck with what they recognize
with right um change is a challenging thing all of us do not like modification um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving several checking account however there’s a huge amount of intricacy goes with establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is big but I think the truthful response is change um people haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to keep track of and this method does position a number of challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I just 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 Worldwide staff members you are worthy of a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Rwanda