Over the last 5 or 6 years …Papaya Global Payroll And Quickbooks… functions on the company side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely gloomy and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most notably policies compliance data security and banking rules then there are the large numbers they include more intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll model there’s often a frustrating variety of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely standard there’s no real 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 typically with pen and paper which simply blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of international businesses have expressed 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 information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is delivered to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be consisted of right and what does
it require 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 amount of time there’s payment abilities 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 consumer’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they are like very payments no if but some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to type of move on with that it likewise also to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely important that payroll and finance teams work better together than ever um I’m constantly surprised when individuals state I’ve 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 an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to add to sort of the level of complexity there’s increasingly more benefits being organ or being offered by companies across the world so once again you’re simply wanting to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single biggest liability that any company has from a cost perspective from an impact perspective on staff members it is absolutely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive result on people’s wellness and numerous other aspects if people aren’t paid uh I’ve always been astonished entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll option for your employees worldwide again I believe is another huge um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely key to success success of companies and lowering the number of tools platforms and bank accounts they require for their Worldwide 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 have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand 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 just I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and type of shot to get back to everyone so carrying on appearance why do companies pick to main different bank accounts there are Papaya Global Payroll And Quickbooks services out there doing exactly this for specific nations and I’ve worked in a service or lots of services doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anyone where we don’t have to and anyone 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 reasons one is it’s the requirement I think people have actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs changing but ultimately people are extremely stuck to what they recognize
with ideal um change is a difficult thing we all don’t like modification um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining several checking account but there’s a huge quantity of intricacy goes with establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is huge but I believe the sincere answer is change um individuals have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from 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 an element of resistance to change but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to monitor and this method does posture a number of difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll And Quickbooks