Over the last five or six years …Papaya Global Djibouti… functions on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting 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 actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely 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 properly forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most importantly policies compliance data security and banking rules then there are the large numbers they add further intricacy the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s often a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very extremely fundamental there’s no genuine consistency framework we’re residing 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 just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in global payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of international organizations have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is delivered to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they rely on the essential multiple procedures 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 difficulties organization face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be included ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is definitely critical however all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 absolutely essential and innovation is permitting us to type of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately 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 but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to add to sort of the level of complexity there’s more and more advantages being organ or being offered by services across the world so once again you’re simply seeking to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or real difficult kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really handling 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 know long gone are the times where we need to create additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you know 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 rightly as you stated payroll is the single biggest liability that any company has from a cost point of view from an impact perspective on workers it is absolutely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful result on individuals’s wellness and many other elements if individuals aren’t paid uh I have actually constantly been astonished coming into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment service is a great initial step um providing an end-to-end payroll solution for your employees internationally once again I believe is another big um process again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how essential a function 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 associated with those procedures and also so picture sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and type of try to return to everyone so proceeding appearance why do companies choose to main different checking account there are Papaya Global Djibouti services out there doing exactly this for specific nations and I have actually worked in an organization or lots of companies doing exactly that I can say it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not have to and any person that’s managing that process 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 individuals have got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually 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 believe this is a procedure that requires looking at it needs changing however eventually people are really stuck to what they recognize
with right um change is a hard thing all of us don’t like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having keeping numerous savings account but there’s a substantial amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is huge however I believe the sincere response is modification um individuals have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to track and this technique does pose a number of obstacles um so Johnny could you inform us about those obstacles yeah obviously 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 handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Djibouti