Over the last 5 or 6 years …Difference Between Quickbooks Payroll And Papaya Global… functions on the supplier side and also on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually 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 extremely gloomy and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve separate
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property 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.
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they add additional complexity the worldwide Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 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 traditional payroll design there’s often an overwhelming variety of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really very fundamental there’s no genuine consistency structure we’re residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes improperly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they count on the necessary multiple 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 obstacles service face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what doesn’t need to be included 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 capabilities 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 consumer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like incredibly 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 definitely basic and technology is permitting us to type of move on with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work closer together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of data 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 more and more crucial to add to type of the level of complexity there’s a growing number of benefits being organ or being provided by businesses across the world so once again you’re just seeking to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or genuine difficult type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams 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 necessarily require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not 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 requires to be agreed and rightly as you stated payroll is the single most significant liability that any business has from an expense perspective from an impact point of view on employees it is absolutely critical 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 biggest harmful impact on individuals’s well-being and many other elements if people aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout 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 things is absolutely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is a great first step um providing an end-to-end payroll option for your employees globally once again I think is another substantial um process once again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of businesses and decreasing the variety of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t 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 indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how important 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 processes and likewise so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine 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 an interesting task attempting to clean up all those up for sure oh absolutely I can’t imagine 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 in fact see what was going on and type of shot to return to everybody so carrying on appearance why do companies pick to main different checking account there are Difference Between Quickbooks Payroll And Papaya Global companies out there doing precisely this for particular nations and I’ve worked in a business or lots of services doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we do not have to and any person that’s handling that process 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 think individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it requires changing but eventually people are very stuck to what they’re familiar
with right um modification is a difficult thing we all don’t like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having maintaining numerous bank accounts but there’s a huge quantity of intricacy opts for establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is big however I believe the honest answer is change um people have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does present a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Difference Between Quickbooks Payroll And Papaya Global