Over the last five or six years …Papaya Global Malawi… functions on the company side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another couple 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 quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really 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 raining here it’s really very uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll likewise review a wrap-up which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them becomes increasingly more intricate International organizations are aiming to discover Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment standpoint many organizations keep different savings account just for payroll while some have several accounts in various countries does it make sense for business to preserve separate bank accounts in some cases in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies enhance the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to enhance working capital, and discover how enhancing global payroll payments can transform them from a troublesome task into a tactical property.
Handling payroll globally is a complicated job due to different policies, compliance requirements, data security issues, and banking rules. The sheer number of workers and services contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. Despite living in an age of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to supply insights and solutions to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of global companies have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars once 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 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 company face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what does not need to be included ideal and what does
it require to be thought of there’s differing Bank details 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is absolutely critical however all over 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m always astonished when individuals state I have actually 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 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the compensation landscape is becoming significantly intricate. Companies are constantly presenting new benefits and payment options, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s highly innovative era, there’s no reason for preserving cumbersome procedures. Payroll, the business’s greatest cost, must be processed correctly and on time. Even small delays can negatively affect employees’ well-being and have far-reaching repercussions. Therefore, it’s vital to prioritize precise and timely payments.
payroll team get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a great first step um offering an end-to-end payroll solution for your workers internationally again I think is another substantial um process once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of businesses and lowering the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
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 easy as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision 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 carrying on appearance why do companies pick to main separate bank accounts there are Papaya Global Malawi organizations out there doing exactly this for particular countries and I have actually operated in a company or many services doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I think individuals have actually got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it requires changing but eventually individuals are very stuck to what they recognize
with ideal um change is a challenging thing all of us do not like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having maintaining numerous checking account but there’s a huge amount of intricacy chooses setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is substantial however I believe the truthful answer is change um people haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep an eye on and this technique does position numerous challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise 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 actually gained another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Malawi