Over the last 5 or 6 years …Quickbooks Payroll Vs Papaya Global… functions on the company side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I want 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 looking at the obstacle years of handling International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll likewise go over a recap which must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more typical and managing them becomes more and more complicated International companies are wanting to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment viewpoint many companies preserve different bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain separate savings account in some cases in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses 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 challenging in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they include more complexity the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 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 different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely basic there’s no real consistency structure we’re living in an era of tech but payroll has been sluggish 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 think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of international organizations have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the information is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be included ideal and what does
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it require to be thought of there’s varying 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 intricacy wherever you look ideal ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to type of progress with that it also also to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work closer together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market 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 data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more crucial to contribute to kind of the level of intricacy there’s more and more benefits being organ or being used by companies throughout the world so once again you’re just aiming to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or real difficult kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense perspective from an effect point of view on staff members it is absolutely vital that it’s done correctly and on time so what we imply 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 individuals’s well-being and numerous other elements if people aren’t paid uh I have actually always been surprised entering into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe 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 things is absolutely essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a terrific primary step um offering an end-to-end payroll solution for your workers internationally once again I think is another big um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of companies and lowering the variety of tools platforms and checking account they need for their Worldwide 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 countless them within a payroll cycle do not 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 meant to be um I do not think any of us are really doing that for for the thanks
anyway we know 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 procedures and likewise so envision sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job 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 require days of the week to try to check out them and actually see what was going on and sort of try to get back to everyone so carrying on look why do business pick to main separate bank accounts there are Quickbooks Payroll Vs Papaya Global businesses out there doing precisely this for specific nations and I’ve worked in a company or many businesses doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we do not have to and any person that’s managing 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 lots of reasons one is it’s the standard I believe individuals have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs looking at it needs changing but eventually people are really stuck with what they’re familiar
with best um change is a tough thing we all don’t like modification um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining several savings account but there’s a substantial quantity of complexity goes with setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is huge but I think the honest answer is modification um individuals haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or two there is a lot to monitor and this method does pose a number of challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I simply 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 International employees you should have a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Quickbooks Payroll Vs Papaya Global