Over the last 5 or six years …Papaya Global Somalia… functions on the supplier side and likewise on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really 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 drizzling here it’s very extremely 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 taking a look at the obstacle years of managing Global payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and handling them ends up being a growing number of complicated Worldwide organizations are seeking to discover Solutions and new ways to enhance processes specifically from a payroll and cross-border payment viewpoint numerous companies maintain different bank account just for payroll while some have several accounts in different nations does it make sense for companies to maintain different bank accounts often in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to enhance working capital, and find how simplifying international payroll payments can change them from a burdensome job into a tactical asset.
Managing payroll worldwide is an overwhelming task due to different regulations, compliance requirements, data security concerns, and banking rules. The large number of staff members and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual processes, data silos, and an absence of integration, leading to inconsistencies and ineffectiveness. In spite of residing in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to supply insights and solutions to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a business invests in international payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be consisted of right 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 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to kind of progress with that it also too to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely crucial that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on wellness and the payment landscape is becoming progressively detailed. Services are continuously introducing new benefits and payment choices, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can cause inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today’s highly sophisticated period, there’s no justification for keeping cumbersome treatments. Payroll, the company’s greatest expenditure, need to be processed properly and on time. Even slight delays can negatively impact staff members’ well-being and have far-reaching repercussions. Therefore, it’s important to focus on accurate and timely payments.
payroll team get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is an excellent first step um offering an end-to-end payroll service for your workers internationally again I believe is another big um procedure again lining up and ensuring you have standardization International procedures all of those things are definitely essential to success success of organizations and reducing the number of tools platforms and savings account they require for their Global payroll too couldn’t 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 do not expect to you do get the odd 5 or ten 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 do not think any of us are actually doing that for for the thanks
anyhow we know how how essential a role 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 simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that many 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 an interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of shot to return to everybody so moving on appearance why do business pick to primary separate checking account there are Papaya Global Somalia organizations out there doing exactly this for particular nations and I have actually worked in a service or many services doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for any person 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 believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think people have got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes however 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 adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires altering however eventually people are very stuck with what they’re familiar
with right um change is a tough thing we all do not like change um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping numerous bank accounts however there’s a huge quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private people so the intricacy is big but I think the sincere answer is modification um individuals haven’t been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be determined to be the next Century approximately there is a lot to monitor and this approach does present a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Somalia