Over the last 5 or six years …Papaya Global Unable To Sync This Payroll With Xero… functions on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a wrap-up which ought to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and handling them becomes increasingly more complex Global companies are looking to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment viewpoint numerous companies keep separate savings account just for payroll while some have numerous accounts in various countries does it make good sense for business to maintain different bank accounts sometimes in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most notably regulations compliance information security and banking rules then there are the sheer numbers they include more intricacy the international Labor force is presently 3 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 consider that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll design there’s frequently an overwhelming number of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or very extremely fundamental there’s no genuine consistency framework we’re living in an era 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 often with pen and paper which just blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a company invests in international payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of global companies have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes poorly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be included ideal and what does
it need to be thought about there’s varying Bank details 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 have to pay from the client’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and technology is allowing us to type of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work better together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to add to kind of the level of intricacy there’s more and more advantages being organ or being provided by services throughout the world so again you’re simply seeking to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or real tough type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments functions 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 handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single most significant liability that any company has from an expense perspective from an impact viewpoint on employees it is absolutely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive result on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve constantly been impressed entering into this Market type of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only see when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally as well. For that reason, it is necessary to guarantee that jobs like Wi-Fi International and other crucial matters are done correctly. Using the very first Worldwide Payments first payroll payment solution is an excellent initial step towards offering a thorough payroll solution for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and bank accounts required for worldwide payroll are essential consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyway we know how how crucial a role 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 everybody that’s associated with those processes and also so envision sorry I’m just I was simply gon na say think of the amount 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 numerous thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of try to get back to everyone so carrying on look why do business select to primary different savings account there are Papaya Global Unable To Sync This Payroll With Xero businesses out there doing exactly this for particular nations and I have actually operated in a business or lots of organizations doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for any person 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 think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I believe people have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually embraced 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 methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires changing but ultimately people are very stuck to what they recognize
with ideal um change is a difficult thing we all do not like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having preserving numerous bank accounts but there’s a huge amount of intricacy chooses establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is big however I believe the sincere answer is modification um people have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep track of and this method does position several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Unable To Sync This Payroll With Xero