Over the last five or six years …Papaya Global Angola… functions on the service provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so 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 fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really 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 raining here it’s extremely really dreary and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep 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 keeping different savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. 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 also provide a wrap-up of the bottom lines 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 walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most notably guidelines compliance information security and banking guidelines then there are the large numbers they add further complexity the international Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the standard payroll design there’s often a frustrating variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely really basic there’s no real consistency framework we’re living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a service spends on worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international services have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the average 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 don’t run efficiently if they count on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be included best and what does
it require to be considered 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 complexity anywhere you look ideal eventually developing a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if but 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 recognition that payroll payments are definitely basic and innovation is allowing us to sort of progress with that it also also to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split 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 process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on well-being and the payment landscape is ending up being increasingly elaborate. Organizations are continually introducing new benefits and payment alternatives, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my opinion, this does not have to be the case. In today’s technologically innovative period, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s most significant expenditure, need to be processed correctly and on time. Even minor delays can negatively impact staff members’ well-being and have far-reaching effects. Therefore, it’s vital to prioritize accurate and timely payments.
payroll group get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a great first step um offering an end-to-end payroll option for your employees internationally again I believe is another substantial um process once again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of companies and reducing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we know 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 everybody that’s involved in those processes and likewise so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up 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 require days of the week to attempt to look through them and actually see what was going on and sort of try to return to everybody so proceeding appearance why do business pick to main separate savings account there are Papaya Global Angola businesses out there doing precisely this for specific nations and I’ve operated in a company or numerous services doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts 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 actually got so utilized to we require a new bank account we open an entity and appropriately 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 simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs changing but ultimately individuals are very stuck with what they recognize
with ideal um modification is a hard thing we all 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 stuff um I understand undoubtedly the benefits of having maintaining numerous checking account however there’s a huge amount of intricacy chooses setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is big however I believe the truthful response is change um individuals haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or so there is a lot to monitor and this method does posture several obstacles um so Johnny could you inform us about those obstacles yeah naturally 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 handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Angola