Over the last five or 6 years …Papaya Global Madagascar… roles on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so 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 simply 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 drizzling here it’s very really bleak and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll also go over a recap and that should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and handling them ends up being a growing number of intricate Worldwide companies are looking to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment standpoint many companies keep separate bank account just for payroll while some have several accounts in different countries does it make sense for business to keep different bank accounts sometimes in different 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 helping international companies streamline the episode complex processes of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can transform them from a difficult job into a strategic property.
Handling payroll internationally is a challenging task due to different regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and organizations adds to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and a lack of combination, leading to inconsistencies and inefficiencies. Despite living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to supply insights and services to simplify and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of an image they see a lack of presence also extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of global businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes poorly interacted 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 delivered to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be consisted of right and what does
it need to be thought about there’s varying 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 have to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to sort of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely vital that payroll and finance groups work closer together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 ultimately 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 3rd parties so with the
The modern world positions a high worth on well-being and the settlement landscape is ending up being significantly intricate. Companies are constantly presenting new benefits and payment choices, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technologically advanced era, there’s no reason for maintaining troublesome procedures. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even slight hold-ups can negatively impact workers’ well-being and have significant consequences. For that reason, it’s crucial to focus on accurate and timely payments.
payroll team get um so I’m not sure anyone on this kind of webinar has been told 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 staff members or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll option for your employees worldwide once again I believe is another big um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of services and minimizing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyway 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 simple as possible for everyone that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and type of shot to get back to everybody so proceeding appearance why do business choose to main separate savings account there are Papaya Global Madagascar businesses out there doing precisely this for specific nations and I’ve operated in an organization or numerous organizations doing exactly that I can state it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not need to and anyone that’s handling that procedure 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 think lots of factors one is it’s the requirement I believe people have got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it requires changing but eventually people are very stuck with what they recognize
with right um modification is a difficult thing we all do not like change um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having maintaining multiple savings account but there’s a big amount of complexity chooses establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is big however I believe the sincere response is modification um people haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an aspect 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 carrying on and moving into you know what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this technique does position a number of difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I simply did you changed our Enterprise 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 Global workers you should have a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Madagascar