Over the last 5 or six years …Papaya Global Cameroon… functions on the company side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll likewise review a wrap-up and that must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and handling them becomes a growing number of complex International companies are looking to discover Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment standpoint numerous organizations keep separate bank account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain separate checking account sometimes in different nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance information security and banking rules then there are the large numbers they include more complexity the international Labor force is currently 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 factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there’s typically an overwhelming number of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or very very fundamental there’s no genuine consistency structure we’re residing in a period of tech but 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 and that just blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization spends on international payroll the less of a photo they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of global businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors poorly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly 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 needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the client’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely basic and innovation is allowing us to type of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely vital that payroll and finance groups work closer together than ever um I’m constantly impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often 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 individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the settlement landscape is ending up being significantly detailed. Companies are constantly introducing brand-new benefits and payment options, which contributes to the general intricacy. Large corporations often divide their payroll and payment processing into different groups, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technologically advanced era, there’s no reason for maintaining troublesome procedures. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even small hold-ups can negatively affect staff members’ wellness and have significant effects. For that reason, it’s important to focus on precise and timely payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only discover when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally as well. For that reason, it is essential to make sure that jobs like Wi-Fi Global and other important matters are done properly. Using the very first Worldwide Payments very first payroll payment service is an excellent preliminary action towards providing a comprehensive payroll service for staff members worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and savings account required for worldwide payroll are crucial consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we understand how how crucial a function 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 everyone that’s associated with those processes and also so imagine sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean 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 browse them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do business choose to main different bank accounts there are Papaya Global Cameroon services out there doing precisely this for specific countries and I have actually operated in an organization or numerous companies doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for any person where we don’t have to and any person that’s dealing with 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 quantity that we are I believe lots of reasons one is it’s the requirement I believe individuals have got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing however eventually people are very stuck with what they recognize
with ideal um change is a challenging thing all of us do not like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining several savings account however there’s a huge quantity of intricacy chooses establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is huge but I think the truthful answer is change um people haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this approach does posture several obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Cameroon