Over the last 5 or 6 years …How To Import Payroll Into Papaya Global From Quickbooks Desktop… roles on the supplier side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join all of us 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 currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly 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 raining here it’s really very bleak and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and handling them ends up being a growing number of complicated International companies are seeking to discover Solutions and new methods to streamline procedures especially from a payroll and cross-border payment viewpoint numerous organizations keep different bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to keep different checking account often in various nations it does however 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 streamline the episode complex processes of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Workforce is currently three and a half billion people 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 businesses and growing all doing their own thing around the globe in the standard payroll model there’s often an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really really basic there’s no real consistency structure we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide companies have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s an excellent question I constantly throw 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 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 have 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 eventually constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and technology is permitting us to type of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely vital that payroll and financing groups work better together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 people any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to add to type of the level of intricacy there’s more and more benefits being organ or being provided by organizations across the world so again you’re just wanting to include increasingly more payments to this already 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 difficulties or real challenging kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single greatest liability that any company has from an expense perspective from an impact viewpoint on workers it is absolutely vital 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 need to be done right it has the biggest harmful result on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been astonished coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just observe when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally as well. For that reason, it is important to ensure that jobs like Wi-Fi Global and other vital matters are done correctly. Using the first International Payments first payroll payment solution is a great initial action towards providing a thorough payroll option for workers worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and savings account required for worldwide payroll are crucial consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Eventually, we do not do it for the gratitude.
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 easy as possible for everyone that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting 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 attempt to look through them and really see what was going on and kind of shot to get back to everybody so moving on appearance why do companies pick to main different bank accounts there are How To Import Payroll Into Papaya Global From Quickbooks Desktop organizations out there doing precisely this for particular countries and I’ve operated in a business or many businesses doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t have to and anybody that’s dealing with 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 amount that we are I think lots of factors one is it’s the standard I think individuals 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 functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing but ultimately individuals are really stuck to what they’re familiar
with ideal um change is a challenging thing all of us don’t like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping multiple bank accounts but there’s a substantial amount of complexity opts for setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is huge but I believe the sincere answer is change um people have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century approximately there is a lot to track and this approach does position numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a change to our Business 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 boosted ability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. How To Import Payroll Into Papaya Global From Quickbooks Desktop