Over the last 5 or 6 years …Papaya Global Burkina Faso… roles on the provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather 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 is 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 want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical 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 sure precise, effective, and timely payroll payments is a complex difficulty for services running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a troublesome job into a tactical possession.
Managing payroll worldwide is an overwhelming task due to various regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of staff members and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual processes, data silos, and a lack of combination, resulting in disparities and ineffectiveness. Despite living in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to supply insights and options to streamline and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on international payroll the less of a picture they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and say what is it what does not need to be consisted of ideal and what does
it need 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to kind of move forward with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I’ve split 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 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 frequently 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 individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so again you’re just aiming to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real challenges or genuine challenging sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from an expense point of view from an impact point of view on employees it is absolutely crucial that it’s done properly 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 biggest damaging effect on people’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been surprised entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. Therefore, it is essential to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first Global Payments very first payroll payment option is a fantastic initial step towards providing a thorough payroll solution for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts needed for international payroll are essential consider accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyway we know how how crucial 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 everybody that’s involved in those processes and also so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine 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 absolutely be an intriguing task attempting to clean 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 need days of the week to attempt to check out them and in fact see what was going on and kind of shot to return to everybody so moving on look why do business choose to main different checking account there are Papaya Global Burkina Faso businesses out there doing precisely this for particular nations and I have actually worked in a company or numerous organizations doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and anyone that’s managing 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 believe lots of factors one is it’s the requirement I think people have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think 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 people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs altering however eventually individuals are very stuck to what they’re familiar
with right um modification is a challenging thing we all don’t like modification um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving multiple bank accounts however there’s a huge amount of intricacy opts for setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is big but I believe the sincere response is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to really 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 a component of resistance to change but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to track and this technique does posture several obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you switched 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 International employees you deserve a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Burkina Faso