Over the last 5 or six years …Papaya Fresh International Marketplace… functions on the company side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well among 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 rather 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 everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely bleak and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll costs to enhance working capital, and discover how simplifying international payroll payments can change them from a burdensome job into a strategic asset.
Managing payroll globally is an overwhelming job due to numerous regulations, compliance requirements, information security issues, and banking rules. The large number of workers and companies adds to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Despite residing in a period of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide services 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 mistakes are because of time reporting poor HCM information information entry errors badly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be consisted of right and what does
it need to be thought of there’s differing Bank information 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 anywhere you look right ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 basic and technology is enabling us to kind of progress with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being offered by businesses throughout the world so once again you’re just aiming to include more and more payments to this currently complex 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 real difficulties or real difficult type of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not 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 tough as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from an expense perspective from an effect viewpoint on employees it is absolutely important 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 need to be done right it has the most significant destructive impact on individuals’s wellness and lots of other elements if individuals aren’t paid uh I have actually constantly been astonished entering into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great 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 become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll service for your staff members worldwide once again I believe is another substantial um process again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of services and reducing the variety of tools platforms and checking account they need 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’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 grievances where things haven’t gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow 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 everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na say envision 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 numerous thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of try to return to everyone so carrying on look why do business choose to main different checking account there are Papaya Fresh International Marketplace organizations out there doing precisely this for specific countries and I have actually worked in a business or lots of companies doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anyone 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 believe people have actually got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I believe this is a process that needs looking at it needs changing however ultimately individuals are really stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having preserving multiple bank accounts but there’s a substantial amount of intricacy opts for establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is huge but I believe the truthful response is change um individuals have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or so there is a lot to keep track of and this approach does posture a number of difficulties um so Johnny might 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 jobs on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Fresh International Marketplace