Over the last five or six years …Papaya Global Uganda… functions on the service provider side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently 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 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 extremely very uninspiring and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and handling them becomes a growing number of complicated International companies are seeking to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment standpoint many organizations preserve different checking account just for payroll while some have multiple accounts in different countries does it make good sense for business to preserve separate bank accounts sometimes in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business streamline the episode complex procedures of
Making sure precise, efficient, and prompt payroll payments is a complex challenge for services running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to enhance working capital, and find how enhancing worldwide payroll payments can change them from a burdensome job into a strategic property.
Managing payroll globally is a difficult task due to various regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and companies adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual processes, information silos, and an absence of integration, leading to inconsistencies and inefficiencies. Regardless of living in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of international organizations have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the wrong place the typical expense of a worldwide 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 count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t need to be consisted of 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 country there’s payment time frames 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 client’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble incredibly payments no if however some infants 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 recognition that payroll payments are definitely essential and technology is allowing us to kind of progress with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and finance groups work closer together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on wellness and the payment landscape is ending up being progressively intricate. Companies are continually introducing brand-new advantages and payment options, which contributes to the overall complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s highly innovative era, there’s no justification for keeping troublesome treatments. Payroll, the business’s most significant expense, should be processed correctly and on time. Even slight hold-ups can negatively affect employees’ wellness and have far-reaching consequences. For that reason, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m unsure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 absolutely vital that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a great first step um providing an end-to-end payroll service for your workers worldwide once again I think is another big um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of services and lowering the variety of tools platforms and checking account they require for their Worldwide 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 have actually never had a hundred thousand of 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 haven’t gone quite where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everybody that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and sort of try to return to everyone so carrying on appearance why do companies select to main separate checking account there are Papaya Global Uganda organizations out there doing exactly this for specific nations and I’ve worked in a company or numerous companies doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not developing extra work for any person where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I think people have actually got so utilized to we require a brand-new bank 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 the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked 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 procedure that needs looking at it requires changing but eventually people are really stuck to what they’re familiar
with ideal um change is a tough thing we all don’t like change um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping multiple checking account however there’s a big quantity of complexity chooses setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is substantial but I think the sincere response is modification um people have not been able to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter 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 carrying on and moving into you know what could practically be identified to be the next Century or two there is a lot to keep an eye on and this approach does posture numerous obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just did you changed our Enterprise 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 staff members you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Uganda