Over the last five or six years …Papaya Global Versus Qb Payroll… functions on the provider side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 very very bleak and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also discuss a wrap-up which needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and managing them becomes more and more complicated Global organizations are looking to discover Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment standpoint lots of organizations keep different checking account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep different checking account sometimes in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and find how enhancing international payroll payments can change them from a difficult task into a strategic property.
Handling payroll internationally is a complicated task due to different regulations, compliance requirements, data security issues, and banking guidelines. The sheer variety of workers and companies adds to the complexity, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual processes, information silos, and an absence of combination, causing inconsistencies and inadequacies. Regardless of residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and services to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in global payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then 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 require to move the money around the globe payroll and payments don’t run efficiently if they rely on the necessary numerous processes 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 challenges service face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 customer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to sort of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate 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 often 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 individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations throughout the world so once again you’re simply seeking to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the bigger a business 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 info into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an impact perspective on workers it is absolutely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive effect on people’s wellness and many other factors if individuals aren’t paid uh I’ve always been astonished entering this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. For that reason, it is essential to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment option is an excellent preliminary action towards providing a thorough payroll service for workers worldwide. Standardization, international processes, and lowering the number of tools, platforms, and bank accounts essential for worldwide payroll are crucial consider accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyhow we understand 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 associated with those procedures and also so think of sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and sort of shot to return to everyone so proceeding look why do business select to main separate bank accounts there are Papaya Global Versus Qb Payroll businesses out there doing exactly this for particular countries and I’ve worked in a service or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced 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 numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it requires changing but eventually people are very stuck with what they’re familiar
with ideal um modification is a challenging thing we all do not like change um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having keeping numerous bank accounts however there’s a substantial quantity of intricacy goes with setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is big but I think the truthful response is change um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually constantly 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 almost be figured out to be the next Century or two there is a lot to track and this method does position several difficulties um so Johnny could you inform us about those difficulties 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 seems like our CFO has gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Versus Qb Payroll