Over the last 5 or six years …Papaya Global Central African Republic… roles on the company side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well among 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 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 comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very gloomy and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep separate
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to optimize working capital, and find how streamlining global payroll payments can change them from a challenging task into a strategic property.
Managing payroll globally is a complicated task due to various policies, compliance requirements, information security issues, and banking rules. The sheer number of staff members and businesses adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. In spite of residing in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance worldwide payroll payments.
about it to give you an idea 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 honestly the more a service invests in global payroll the less of an image they see a lack of presence also extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of international companies have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a good question I always toss this back and say what is it what doesn’t require to be included best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 complexity wherever you look best ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to sort of move forward with that it likewise also to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely important that payroll and financing teams work more detailed together than ever um I’m always impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry 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 people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to kind of the level of complexity there’s more and more advantages being organ or being used by businesses throughout the world so once again you’re just wanting to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates 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 understand 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 require to produce extra handoffs while doing sos that we operate 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 an era of tech and an era that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an impact point of view on staff members it is definitely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental result on individuals’s well-being and many other factors if people aren’t paid uh I’ve constantly been impressed entering this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a fantastic initial step um providing an end-to-end payroll option for your staff members internationally again I think is another substantial um procedure again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of companies and reducing the number of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of 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 have not gone rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how essential 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 simple as possible for everybody that’s involved in those processes and likewise so picture sorry I’m simply 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 make certain we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of try to get back to everybody so proceeding appearance why do business select to primary separate bank accounts there are Papaya Global Central African Republic companies out there doing exactly this for particular nations and I have actually worked in an organization or lots of organizations doing exactly that I can say it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not need to and any person that’s dealing with that process 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 believe many factors one is it’s the standard I think individuals have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering but eventually individuals are extremely stuck with what they recognize
with best um change is a challenging thing all of us do not like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having keeping numerous bank accounts but there’s a substantial quantity of complexity chooses establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is substantial but I believe the sincere response is modification um people haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve 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 know what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does present several challenges um so Johnny might you tell us about those difficulties 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 Worldwide employees you deserve a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Central African Republic