Over the last 5 or 6 years …Papaya Global Vs Quickbooks Payroll Reddit… roles on the company side and also on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two 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 just to hear where everyone is um it’s nice to to sort of like see where everybody comes 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 drizzling here it’s very very bleak and I wish I was elsewhere at this moment in time fine 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 International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll likewise review a wrap-up which should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and managing them ends up being more and more complicated Worldwide organizations are seeking to discover Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of organizations keep separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for business to keep different bank accounts sometimes in different nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll design there’s typically a frustrating number of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or very extremely basic there’s no genuine consistency framework we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on international payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide services have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the wrong place the typical expense 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 do not run smoothly if they depend on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers 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 best and what does
it require to be considered there’s varying 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 right eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to sort of move on with that it also as well to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work better together than ever um I’m always surprised when individuals state 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 split the payroll payment from computation 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 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 but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more essential to add to kind of the level of complexity there’s more and more benefits being organ or being offered by businesses throughout the world so once again you’re simply seeking to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or real tough kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of years I would definitely say that the bigger a service 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 information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from a cost perspective from an impact point of view on staff members it is definitely important 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 biggest harmful effect on people’s well-being and lots of other elements if people aren’t paid uh I have actually constantly been astonished entering into this Market type of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally too. For that reason, it is vital to make sure that tasks like Wi-Fi Worldwide and other important matters are done properly. Using the very first International Payments very first payroll payment solution is a great initial step towards providing an extensive payroll option for workers worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account essential for global payroll are crucial factors in achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyway we know how how essential 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 processes and also so envision sorry I’m just I was simply gon na state think of the quantity 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 numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting 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 need days of the week to attempt to browse them and really see what was going on and sort of try to get back to everyone so moving on look why do companies select to primary separate bank accounts there are Papaya Global Vs Quickbooks Payroll Reddit services out there doing exactly this for particular countries and I have actually worked in a service or numerous services doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I think individuals have got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions but 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 adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it needs altering but eventually individuals are very stuck with what they recognize
with ideal um change is a difficult thing all of us don’t like modification um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping several bank accounts however there’s a substantial quantity of complexity goes with setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is huge but I believe the sincere response is modification um individuals haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or two there is a lot to keep track of and this approach does pose numerous challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you changed our Enterprise 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 workers you should have a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Vs Quickbooks Payroll Reddit