Over the last 5 or 6 years …Papaya Global Zambia… roles on the provider side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days 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 everybody is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely gloomy and I wish 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 difficulty years of handling International payroll why business maintain different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 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 often a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or really extremely standard there’s no genuine consistency framework we’re living in an era 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 often with pen and paper which simply blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of global companies have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought about there’s varying Bank information 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 have 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 building a knowledge base is absolutely important however all over you look with payroll payment they are like incredibly payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely imperative that payroll and financing groups work closer together than ever um I’m constantly astonished when individuals say I have actually split 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 divide 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 procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being used by organizations throughout the world so once again you’re just looking to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real difficulties or genuine tough kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info 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 doesn’t necessarily need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense perspective from an effect point of view on employees it is absolutely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful effect on people’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been astonished entering into this Market type of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has 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 people just see when things fail. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally as well. For that reason, it is necessary to guarantee that jobs like Wi-Fi Global and other vital matters are done properly. Using the very first International Payments first payroll payment solution is a terrific preliminary step towards offering a detailed payroll service for staff members worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account needed for worldwide payroll are crucial consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as planned. Ultimately, we do not do it for the gratitude.
anyhow we understand how how important 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 everyone that’s associated with those procedures and also so envision sorry I’m just I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of shot to return to everyone so carrying on look why do business select to primary different checking account there are Papaya Global Zambia businesses out there doing exactly this for particular nations and I’ve worked in a service or many companies doing precisely that I can state it doesn’t always feel efficient and it does create 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 any person that’s managing 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 standard I think people have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering however eventually individuals are extremely stuck with what they recognize
with right um modification is a difficult thing all of us don’t like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having preserving multiple checking account however there’s a big amount of intricacy opts for establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is big but I think the sincere response is modification um people have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or two there is a lot to monitor and this approach does position several obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just did you changed our Business 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 workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Zambia