Over the last five or six years …Papaya Global Versus Intuit Payroll… roles on the service provider side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes 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 raining here it’s really extremely uninspiring and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we’ll also review a recap and that ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and managing them becomes more and more complicated International companies are wanting to discover Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment viewpoint numerous companies keep separate bank account just for payroll while some have several accounts in different nations does it make sense for companies to preserve different bank accounts in some cases in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include more complexity the global Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there’s frequently a frustrating number of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very extremely standard there’s no real consistency structure we’re living 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 typically with pen and paper and that simply blows my mind each time I I think
about it to give you an idea 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 frankly the more a company spends on global payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international businesses have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be included ideal and what does
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it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look best ultimately constructing a knowledge base is absolutely crucial but all over 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of move forward with that it also also to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and finance groups work closer together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being provided by businesses across the world so again you’re simply seeking to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or genuine difficult type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost point of view from an effect point of view on employees it is definitely vital 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 have to be done right it has the greatest damaging impact on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually always been surprised entering this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally too. For that reason, it is vital to guarantee that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the very first International Payments very first payroll payment service is a great initial action towards offering a comprehensive payroll option for staff members worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and bank accounts needed for worldwide payroll are key consider achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how crucial 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 simple as possible for everybody that’s involved in those processes and also so envision sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt 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 separate bank accounts there are Papaya Global Versus Intuit Payroll services out there doing exactly this for specific nations and I have actually worked in an organization or many companies doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we don’t need to and anyone that’s handling 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 amount that we are I think many factors one is it’s the standard I believe individuals have actually got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires changing but eventually people are very stuck with what they recognize
with ideal um modification is a challenging thing we all don’t like modification um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving multiple bank accounts however there’s a substantial amount of complexity chooses establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is huge however I believe the sincere response is change um people haven’t been able to alter or have not had necessarily the knowledge 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 an element of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or so there is a lot to track and this method does posture numerous challenges um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I just did you switched our Business 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 employees you should have a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Versus Intuit Payroll