Over the last five or 6 years …Papaya Global Nigeria… functions on the company side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay 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 these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 really really uninspiring and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business maintain separate
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 simplifies the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to optimize working capital, and find how improving global payroll payments can change them from a burdensome job into a tactical possession.
Managing payroll internationally is an overwhelming job due to different policies, compliance requirements, data security issues, and banking guidelines. The large variety of workers and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and an absence of combination, leading to inconsistencies and inefficiencies. In spite of living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to offer insights and services to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of international companies have 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 poor HCM data information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be included right 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 country there’s payment time frames 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 right ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they are like extremely payments no if however some children 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to type of progress with that it likewise as well to add to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely crucial that payroll and financing teams work closer together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being offered by businesses across the world so once again you’re just looking to include increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or real tough kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job 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 require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an impact point of view on workers it is definitely critical 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 most significant destructive effect on people’s well-being and many other aspects if individuals aren’t paid uh I’ve constantly been surprised coming into this Market sort of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has 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 just see when things fail. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi International and other crucial matters are done properly. Utilizing the first Global Payments first payroll payment option is a fantastic preliminary action towards offering a detailed payroll service for employees worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and savings account needed for worldwide payroll are key factors in accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyway we know how how important 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of try to get back to everybody so carrying on appearance why do business choose to main separate bank accounts there are Papaya Global Nigeria services out there doing exactly this for specific countries and I’ve worked in a company or many businesses doing precisely that I can state it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think individuals have actually got so utilized to we require a brand-new checking 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 believe it’s just been the standard and the standard individuals have embraced 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 kind of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires altering but ultimately individuals are extremely 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 far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining multiple checking account however there’s a huge quantity of complexity chooses establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is huge but I think the sincere answer is modification um people have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this method does position a number of obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I just 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 improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Nigeria