Papaya Global Xero Timesheets Payroll Integration FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Xero Timesheets Payroll Integration… roles on the company side and likewise 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 all right thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody originates 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 very really gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business preserve separate

Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also offer 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 throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most significantly regulations compliance information security and banking rules then there are the sheer numbers they include more intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll design there’s often an overwhelming variety of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely extremely fundamental there’s no genuine consistency framework we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in international payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of global companies have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently 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 challenges organization face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be consisted of right and what does

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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 timespan 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 client’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to sort of progress with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work better together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being a growing number of important to add to sort of the level of complexity there’s increasingly more advantages being organ or being provided by services throughout the world so again you’re just wanting to include more and 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 certain but have you got any experience in kind of genuine obstacles or genuine challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason why 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 service has from a cost point of view from an effect perspective on employees it is definitely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging impact on people’s well-being and lots of other elements if individuals aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last 5 to ten years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just observe when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally also. For that reason, it is necessary to guarantee that tasks like Wi-Fi Global and other essential matters are done properly. Utilizing the first Global Payments very first payroll payment option is an excellent initial action towards providing an extensive payroll service for workers worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and savings account needed for international payroll are essential consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as prepared. Eventually, we don’t do it for the gratitude.

anyway we know 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 everybody that’s associated with those procedures and also so picture sorry I’m just I was simply gon na say picture 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 hundreds of thousands potentially 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 certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of try to get back to everybody so moving on appearance why do companies pick to primary different checking account there are Papaya Global Xero Timesheets Payroll Integration organizations out there doing exactly this for particular countries and I have actually operated in an organization or many companies doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe people have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering but eventually people are extremely stuck to what they’re familiar

with best um change is a tough thing all of us do not like modification um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining several bank accounts but there’s a substantial amount of complexity opts for setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is huge however I believe the honest answer is change um people haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or two there is a lot to track and this method does pose several difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so

I simply did you switched 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 Worldwide employees you should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Xero Timesheets Payroll Integration