Over the last five or six years …Papaya Global Namibia… roles on the service provider side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone 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 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 very very dreary 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 looking at the obstacle years of handling International payroll why companies preserve separate
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most importantly regulations compliance information security and banking rules then there are the large numbers they include additional intricacy the international Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll model there’s typically an overwhelming variety of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very extremely basic there’s no real consistency structure we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global services have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the essential multiple processes 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 obstacles business face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be included right and what does
it need to be thought about there’s differing 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to kind of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work better together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation 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 people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming increasingly elaborate. Companies are continually introducing new advantages and payment choices, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s highly innovative era, there’s no justification for maintaining troublesome treatments. Payroll, the business’s greatest expense, need to be processed correctly and on time. Even small delays can negatively impact staff members’ wellness and have significant repercussions. For that reason, it’s vital to prioritize accurate and timely payments.
The payroll group 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 an essential cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally as well. For that reason, it is essential to guarantee that tasks like Wi-Fi Worldwide and other important matters are done properly. Using the first Worldwide Payments first payroll payment solution is a great initial step towards offering a thorough payroll solution for workers worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and checking account necessary for international payroll are essential consider achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as prepared. Eventually, we do not do it for the gratitude.
anyhow we know how how crucial 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 involved in those procedures and likewise so envision sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t envision 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 return to everybody so carrying on appearance why do business choose to main separate savings account there are Papaya Global Namibia businesses out there doing exactly this for specific nations and I have actually worked in an organization or numerous organizations doing precisely that I can state it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t need to and any person that’s managing 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 lots of factors one is it’s the requirement I think people have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires altering however ultimately people are very stuck to what they recognize
with ideal um modification is a tough thing we all do not like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having preserving multiple checking account but there’s a substantial amount of intricacy opts for setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is big however I believe the sincere response is change um individuals have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be identified to be the next Century approximately there is a lot to keep track of and this approach does pose numerous challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I simply did you switched our Business 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 International employees you are worthy of a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Namibia