Over the last five or 6 years …Papaya Global Payroll Vs Quickbooks… roles on the provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone 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 kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody 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 drizzling here it’s extremely extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies 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 simplifying papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a wrap-up and that should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and managing them becomes a growing number of intricate International companies are aiming to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment viewpoint numerous organizations preserve separate checking account just for payroll while some have numerous accounts in different countries does it make sense for companies to preserve different checking account often in various nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business simplify the episode complex procedures of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they include more complexity the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll model there’s often an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really very standard there’s no genuine consistency structure we’re living in an era 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 offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of international services have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the data is shipped to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a great question I always throw this back and say what is it what does not require to be consisted of ideal 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 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 have to pay from the consumer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they resemble extremely payments no if but some babies 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 acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of progress with that it also as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely important that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the payment landscape is becoming significantly detailed. Organizations are constantly introducing brand-new benefits and payment choices, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into different teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s highly innovative age, there’s no reason for preserving troublesome treatments. Payroll, the business’s greatest expense, should be processed properly and on time. Even small hold-ups can negatively impact workers’ well-being and have far-reaching consequences. For that reason, it’s critical to prioritize accurate and timely payments.
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only notice when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally too. For that reason, it is essential to ensure that jobs like Wi-Fi Global and other vital matters are done correctly. Using the first Global Payments first payroll payment solution is a fantastic initial step towards supplying a detailed payroll solution for employees worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and savings account needed for global payroll are key factors in achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we know how how important 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 easy as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision 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 but it would definitely be a fascinating task trying 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 need days of the week to attempt to check out them and in fact see what was going on and kind of shot to return to everyone so moving on appearance why do companies select to primary separate savings account there are Papaya Global Payroll Vs Quickbooks organizations out there doing exactly this for specific countries and I’ve operated in a company or numerous organizations doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we don’t have to and anybody that’s handling that procedure I ‘d be interested to hear your ideas 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 individuals have actually got so used to we require a 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 norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs changing but ultimately individuals are extremely stuck with what they recognize
with best um modification is a hard thing we all don’t like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having keeping multiple checking account but there’s a substantial quantity of complexity chooses establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is substantial however I think the honest response is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve 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 understand what could practically be identified to be the next Century or so there is a lot to keep an eye on and this technique does posture numerous obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just 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 Global staff members you are worthy of a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Vs Quickbooks