Over the last five or six years …Does Papaya Global Work With Quickbooks… functions on the supplier side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 very very dreary and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll likewise discuss a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more common and handling them becomes more and more intricate Worldwide organizations are seeking to find Solutions and new ways to simplify processes specifically from a payroll and cross-border payment standpoint numerous companies preserve separate savings account just for payroll while some have multiple accounts in various countries does it make sense for business to keep different checking account often in various nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for organizations running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and find how enhancing global payroll payments can change them from a challenging task into a tactical possession.
Handling payroll internationally is an overwhelming job due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and a lack of combination, resulting in disparities and inefficiencies. Regardless of residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and options to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in international payroll the less of an image they see a lack of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of global companies have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes poorly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the essential numerous procedures 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 obstacles business face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be included right and what does
it require to be thought of there’s varying Bank information 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look ideal eventually constructing 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 look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to sort of progress with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m constantly amazed when individuals state I have actually 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 calculation I would say no so why do we as an industry 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on wellness and the compensation landscape is becoming increasingly detailed. Services are constantly introducing new advantages and payment alternatives, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technically sophisticated era, there’s no justification for maintaining troublesome treatments. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even slight delays can adversely impact employees’ well-being and have significant effects. Therefore, it’s critical to prioritize precise and timely payments.
payroll group get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment service is a terrific first step um supplying an end-to-end payroll service for your employees globally again I believe is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of companies and decreasing the variety of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how essential a function 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 everybody that’s associated with those procedures and also so think of sorry I’m just I was simply gon na state imagine 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 potentially Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting 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 require days of the week to attempt to look through them and in fact see what was going on and sort of try to get back to everyone so proceeding appearance why do companies select to primary separate savings account there are Does Papaya Global Work With Quickbooks organizations out there doing exactly this for specific nations and I’ve worked in an organization or numerous companies doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and anybody that’s managing 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 many factors one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering however eventually people are extremely stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having preserving several bank accounts but there’s a big quantity of intricacy chooses setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big but I believe the truthful answer is modification um individuals haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or so there is a lot to keep track of and this technique does present a number of challenges um so Johnny could you inform us about those obstacles yeah naturally 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 manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Does Papaya Global Work With Quickbooks