Over the last five or 6 years …Papaya Global Mauritania… roles on the service provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather 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 everybody originates from and I actually do hope it’s much sunnier than it remains 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 really extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we’ll likewise discuss a wrap-up and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them becomes a growing number of complex Worldwide organizations are seeking to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment standpoint many organizations keep separate savings account just for payroll while some have several accounts in various nations does it make good sense for companies to keep different bank accounts sometimes in various countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies improve the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the global Workforce is presently three and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or really very basic there’s no real consistency structure we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in global payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of global organizations have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the necessary numerous procedures 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 challenges business face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be included best and what does
it require to be thought of there’s varying 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 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 client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 technology is allowing us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely essential that payroll and finance teams work closer together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on well-being and the compensation landscape is ending up being progressively elaborate. Companies are continually presenting new benefits and payment options, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s highly innovative era, there’s no justification for maintaining troublesome procedures. Payroll, the business’s biggest cost, should be processed properly and on time. Even minor hold-ups can adversely affect staff members’ wellness and have significant consequences. For that reason, it’s critical to focus on accurate and prompt payments.
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only discover when things go wrong. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. Therefore, it is important to guarantee that jobs like Wi-Fi Global and other crucial matters are done correctly. Using the first Worldwide Payments first payroll payment solution is a fantastic initial action towards providing a detailed payroll solution for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and checking account necessary for global payroll are key consider accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how crucial 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 think of sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task 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 require days of the week to attempt to browse them and in fact see what was going on and kind of try to get back to everyone so proceeding look why do companies choose to primary different checking account there are Papaya Global Mauritania companies out there doing exactly this for particular nations and I have actually worked in a business or lots of companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for any person where we do not need to and anybody 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 believe many factors one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require 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 requirement and the norm the people have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering but eventually individuals are very stuck with what they recognize
with ideal um modification is a tough thing all of us do not like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving numerous bank accounts but there’s a substantial amount of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is big however I believe the honest 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 aside from opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century approximately there is a lot to track and this method does present several challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a modification to our Enterprise 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 enhanced capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Mauritania