Over the last 5 or 6 years …Papaya Global Togo… roles on the supplier side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join all of us 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 just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 drizzling here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll likewise review a recap which ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and handling them ends up being increasingly more intricate International companies are seeking to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment perspective lots of companies maintain different checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain separate savings account in some cases in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to enhance working capital, and find how enhancing international payroll payments can transform them from a difficult job into a tactical property.
Managing payroll globally is a challenging job due to different guidelines, compliance requirements, data security issues, and banking rules. The large number of employees and organizations adds to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to disparities and inefficiencies. In spite of residing in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and options to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of international businesses have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they count on the needed several procedures 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 making payments to employees or otherwise that’s a good concern I always toss this back and state 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 time frames 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 client’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to type of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely essential that payroll and financing teams work more detailed together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 often 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 any place 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 contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re just seeking to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real obstacles or genuine difficult kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would absolutely state that the larger a service 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 in fact handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost perspective from an impact point of view on employees it is definitely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental effect on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been impressed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only observe when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally also. Therefore, it is vital to guarantee that tasks like Wi-Fi Global and other important matters are done correctly. Using the first International Payments first payroll payment option is a terrific initial action towards offering a detailed payroll service for staff members worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account needed for international payroll are essential consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things do not go as prepared. Eventually, we don’t do it for the appreciation.
anyway we know 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 everyone that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and kind of try to return to everyone so carrying on look why do companies choose to primary different bank accounts there are Papaya Global Togo businesses out there doing exactly this for specific nations and I’ve worked in a service or numerous companies doing precisely that I can state it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not need to and anyone that’s handling 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 think numerous reasons one is it’s the requirement I believe individuals have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety 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 passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs altering but ultimately people are really stuck with what they’re familiar
with best um modification is a hard thing all of us don’t like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping multiple bank accounts but there’s a substantial quantity of complexity opts for establishing a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is big however I think the truthful response is change um people haven’t been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does present a number of challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Togo