Over the last 5 or 6 years …How To Export Data From Iris Payroll To Papaya Global… functions on the provider side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join we all 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 simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 very really uninspiring and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s often a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or really extremely basic there’s no real consistency framework we’re living in an age of tech however 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 whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on international payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of global businesses have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the information is delivered to the incorrect location the average cost of an international 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 don’t run efficiently if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need to be consisted of ideal and what does
it require to be thought about there’s differing 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 abilities so can you pay it from International or do you need 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 developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble very payments no if but 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 absolutely basic and technology is permitting us to kind of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work closer together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by companies throughout the world so again you’re simply aiming to include increasingly more payments to this already complicated landscape so if you type 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 tough kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of years I would absolutely state that the bigger 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 in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we run 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 a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from a cost point of view from an impact perspective on workers it is absolutely critical 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 biggest harmful result on people’s wellness and many other elements if people aren’t paid uh I have actually always been impressed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just see when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally as well. Therefore, it is vital to guarantee that jobs like Wi-Fi International and other crucial matters are done correctly. Using the very first Global Payments first payroll payment solution is a terrific initial step towards providing a thorough payroll solution for employees worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and bank accounts needed for worldwide payroll are crucial consider achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as prepared. Eventually, we don’t do it for the appreciation.
anyhow 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 simple as possible for everyone that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean up all those up for sure oh definitely 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 attempt to browse them and really see what was going on and type of shot to return to everybody so moving on look why do companies pick to main separate savings account there are How To Export Data From Iris Payroll To Papaya Global companies out there doing exactly this for specific countries and I have actually operated in a business or numerous companies doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s dealing with 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 believe many factors one is it’s the standard I believe individuals have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have 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 kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs changing but ultimately individuals are very stuck with what they recognize
with ideal um change is a difficult thing we all don’t like change um so I believe it’s simply kind 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 understand undoubtedly the benefits of having preserving numerous checking account but there’s a huge amount of complexity opts for establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is big however I think the honest answer is modification um individuals have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be determined to be the next Century or two there is a lot to keep track of and this method does present several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you switched our Enterprise 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 staff members you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you How To Export Data From Iris Payroll To Papaya Global