Over the last five or 6 years …Papaya Global Work With Quickbooks… roles on the service provider side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really gloomy and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business keep separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different checking account for payroll in various 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 discuss why they are ending up being a strategic property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly 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 business accurately forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the large numbers they include further intricacy the global Labor force is presently 3 and a half billion people 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 companies and growing all doing their own thing around the globe in the traditional payroll model there’s often an overwhelming number of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely really fundamental there’s no genuine consistency structure we’re living in an age 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 just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of an image they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors badly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the data is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be consisted of ideal 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 country there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely important however all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 basic and technology is allowing us to sort of move on with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m always astonished when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the payment landscape is becoming increasingly intricate. Businesses are continuously introducing brand-new advantages and payment choices, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technologically advanced period, there’s no validation for maintaining troublesome procedures. Payroll, the company’s most significant expense, must be processed properly and on time. Even small hold-ups can negatively affect staff members’ well-being and have far-reaching repercussions. Therefore, it’s important to prioritize precise and prompt payments.
payroll group get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply 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 definitely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is a fantastic first step um providing an end-to-end payroll service for your staff members worldwide once again I believe is another substantial um process again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and minimizing 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how important a role 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 everybody that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean 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 browse them and actually see what was going on and kind of shot to get back to everybody so carrying on look why do companies select to primary different bank accounts there are Papaya Global Work With Quickbooks companies out there doing exactly this for particular countries and I have actually operated in a company or many organizations doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anyone that’s dealing with 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 amount that we are I think many factors one is it’s the requirement I believe 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 variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering but eventually individuals are extremely stuck to what they’re familiar
with best um modification is a tough thing we all do not like change um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining multiple checking account but there’s a substantial amount of complexity goes with establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is huge but I think the sincere response is modification um people haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a savings 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 but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to track and this approach does position a number of challenges um so Johnny could you tell us about those difficulties yeah of course 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 handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion 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 achievements. Papaya Global Work With Quickbooks