Over the last 5 or six years …Papaya Global Quickbooks Integration… roles on the service provider side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely gloomy and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to enhance working capital, and discover how streamlining global payroll payments can change them from a burdensome task into a tactical possession.
Handling payroll internationally is a complicated job due to different regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and services adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of integration, causing disparities and ineffectiveness. Regardless of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to provide insights and options to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service invests in global payroll the less of an image they see a lack of presence also reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of international services have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors poorly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be consisted of best and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely crucial but all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to type of move on with that it also too to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work better together than ever um I’m always astonished when people state I have actually divided 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 split the payroll payment from estimation 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 individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by services across the world so once again you’re simply looking to add more and more payments to this already complex 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 challenges or real difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from an expense point of view from an effect perspective on employees it is absolutely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive result on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been amazed coming into this Market type of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just observe when things go wrong. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally too. For that reason, it is vital to make sure that tasks like Wi-Fi International and other vital matters are done correctly. Using the very first Global Payments first payroll payment service is a great initial step towards providing a comprehensive payroll option for employees worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and bank accounts necessary for international payroll are crucial consider accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyway we know how how important a role 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 involved in those procedures and likewise so think of sorry I’m simply I was simply gon na state think of 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 discussing hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and kind of try to return to everyone so proceeding appearance why do companies choose to main different bank accounts there are Papaya Global Quickbooks Integration companies out there doing precisely this for specific countries and I have actually worked in a service or many services doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anyone that’s handling that process I ‘d be interested to hear your ideas 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 requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes 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 embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs altering however eventually people are very stuck with what they recognize
with right um modification is a difficult thing all of us do not like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining multiple checking account however there’s a substantial quantity of complexity chooses establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is substantial but I believe the honest answer is change 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 understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or two there is a lot to monitor and this approach does position a number of difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles 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 closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Quickbooks Integration