Over the last 5 or 6 years …Papaya Global Vs Quickbook Payroll… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion 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 or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very gloomy and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll also review a wrap-up and that should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and managing them becomes more and more complex Worldwide organizations are looking to find Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment perspective lots of companies maintain separate savings account just for payroll while some have several accounts in different countries does it make sense for companies to preserve separate bank accounts in some cases in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies enhance the episode complex procedures of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the international Workforce is presently 3 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 presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll design there’s often a frustrating variety of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or really extremely standard there’s no real consistency framework we’re residing in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in international payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide services have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the essential numerous 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 obstacles business face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t require to be included right and what does
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it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely important however all over you look with payroll payment they resemble super payments no if however some infants 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 definitely fundamental and innovation is allowing us to sort of move forward with that it also also to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation 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 eventually 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 3rd parties so with the
The modern world puts a high value on wellness and the settlement landscape is ending up being progressively detailed. Businesses are continuously introducing new advantages and payment options, which adds to the total complexity. Large corporations often divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s highly advanced period, there’s no reason for maintaining troublesome treatments. Payroll, the company’s most significant expense, must be processed properly and on time. Even small delays can negatively impact workers’ well-being and have far-reaching repercussions. Therefore, it’s crucial to prioritize accurate and timely payments.
payroll group get um so I’m not sure anybody on this kind of webinar has actually been told 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 goes wrong but when it goes right it’s just a tick box workout and I think 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 crucial that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll solution for your staff members globally again I think is another huge um procedure again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of companies and reducing the variety of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how essential 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 simple as possible for everyone that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision 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 absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and kind of shot to return to everyone so carrying on look why do business pick to main separate savings account there are Papaya Global Vs Quickbook Payroll companies out there doing precisely this for particular countries and I’ve operated in a company or lots of organizations doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anyone where we do not have to and anybody that’s handling 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 quantity that we are I believe many reasons one is it’s the standard I think people have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add 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 range I believe this is a process that needs looking at it needs changing however ultimately individuals are extremely stuck to what they recognize
with best um modification is a hard thing all of us do not like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping several bank accounts however there’s a substantial quantity of complexity opts for setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is big however I think the sincere response is change um people haven’t been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or two there is a lot to keep an eye on and this technique does present numerous challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you changed 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 International employees you should have a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Vs Quickbook Payroll