Over the last five or six years …Papaya Global Kenya… functions on the service provider side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting 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 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 really really bleak and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll likewise review a recap and that ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them becomes more and more complicated Worldwide companies are looking to find Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment standpoint many organizations keep different checking account just for payroll while some have several accounts in different nations does it make sense for business to preserve separate savings account often in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies enhance the episode complex processes of

making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most importantly regulations compliance data security and banking rules then there are the sheer numbers they add more intricacy the international Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll model there’s typically an overwhelming variety of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely really standard there’s no real consistency framework we’re living in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors inadequately communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the data is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently 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 requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be included right and what does

it need to be thought about there’s varying 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 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 intricacy any place you look best eventually constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to type of progress with that it also as well to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work better together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s more and more advantages being organ or being offered by organizations across the world so again you’re just looking to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine tough sort of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an impact perspective on workers it is absolutely crucial that it’s done correctly and on time so what we imply 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 detrimental effect on individuals’s wellness and many other aspects if people aren’t paid uh I’ve always been impressed coming into this Market type of the last 5 to ten years is how little thanks the

payroll group get um so I’m not exactly sure anyone on this type 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 employees or not um but eventually payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a great initial step um offering an end-to-end payroll service for your employees worldwide again I think is another big um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of companies and decreasing the number of tools platforms and checking account they require 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks

anyhow we understand 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 simple as possible for everyone that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na state picture the quantity 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 think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job 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 require days of the week to attempt to look through them and in fact see what was going on and sort of shot to return to everybody so carrying on look why do business choose to primary different savings account there are Papaya Global Kenya organizations out there doing exactly this for particular countries and I’ve worked in a company or lots of organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and anyone that’s handling 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 quantity that we are I believe numerous reasons one is it’s the requirement I think people have actually got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires changing but ultimately people are extremely stuck to what they recognize

with best um modification is a tough thing we all do not like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining several savings account however there’s a substantial amount of intricacy opts for setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I believe the sincere answer is change um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to monitor and this method does present a number of challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so

I recently made a change to our Business 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 gained another CFO, and with this improved capability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Kenya

Over the last 5 or 6 years …Papaya Global Kenya… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes 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 drizzling here it’s extremely very uninspiring and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies keep separate

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Making sure accurate, effective, and prompt payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to enhance working capital, and find how streamlining global payroll payments can change them from a difficult task into a strategic property.

Handling payroll globally is a complicated job due to different regulations, compliance requirements, data security issues, and banking rules. The large number of employees and companies contributes to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.

Standard payroll systems typically lead to manual processes, data silos, and an absence of integration, causing disparities and ineffectiveness. Regardless of living in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and options to simplify and enhance global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see a lack of presence also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of global businesses have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors improperly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and state what is it what does not require to be consisted of best and what does

it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is absolutely vital but all over 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 take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to kind of move forward with that it also too to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals state I’ve divided 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 calculation 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 procedure it’s the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more important to contribute to type of the level of intricacy there’s more and more advantages being organ or being provided by businesses throughout the world so once again you’re just seeking to add increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine challenges or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an impact point of view on workers it is definitely vital that it’s done correctly and on time so what we suggest 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 result on individuals’s well-being and lots of other elements if people aren’t paid uh I’ve always been amazed entering this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m not sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just 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 definitely vital that all of this things is done properly so leveraging the very first International Payments first payroll payment solution is a great primary step um providing an end-to-end payroll solution for your staff members worldwide again I think is another huge um process again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and lowering the variety of tools platforms and bank accounts they require for their Global 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 countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not believe any of us are really doing that for for the thanks

anyway we know 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean up 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 try to look through them and really see what was going on and kind of shot to return to everyone so proceeding look why do business choose to primary different bank accounts there are Papaya Global Kenya businesses out there doing precisely this for specific countries and I’ve worked in an organization or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not need to and any person that’s dealing with 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 quantity that we are I believe numerous factors one is it’s the requirement I believe people have actually got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a variety 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 add to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires altering but ultimately individuals are extremely stuck to what they’re familiar

with ideal um modification is a tough thing all of us don’t like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving multiple checking account however there’s a substantial quantity of intricacy goes with setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big however I believe the truthful response is modification um individuals haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or two there is a lot to monitor and this approach does pose several obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Kenya