Over the last five or six years …Papaya Global Quickbooks Enterprise Hosted… functions on the service provider side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely dreary and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate checking account for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they add additional complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll design there’s frequently an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely extremely standard there’s no genuine consistency framework we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that 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 just 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company spends on global payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors badly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they count on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not require to be included best and what does
it need to be thought of there’s differing Bank details 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble super 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 recognition that payroll payments are definitely fundamental and innovation is allowing us to type of move on with that it also as well to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely essential that payroll and financing teams work more detailed together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 often 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to add to type of the level of complexity there’s a growing number of benefits being organ or being offered by services throughout the world so again you’re just aiming to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine difficult type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single biggest liability that any company has from an expense point of view from an effect point of view on workers it is absolutely crucial 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 have to be done right it has the most significant damaging impact on people’s well-being and numerous other aspects if people aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment service is a fantastic initial action towards offering a detailed payroll option for employees worldwide. Standardization, international processes, and lowering the number of tools, platforms, and bank accounts essential for international payroll are essential consider achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting to clean 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 actually see what was going on and kind of shot to return to everybody so moving on look why do companies select to primary different savings account there are Papaya Global Quickbooks Enterprise Hosted organizations out there doing precisely this for specific countries and I’ve worked in a company or numerous businesses doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we do not have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it needs changing but ultimately people are really stuck with what they recognize
with best um modification is a hard thing we all do not like change um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving numerous bank accounts however there’s a big quantity of intricacy opts for establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge however I think the sincere answer is change um people have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element 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 proceeding and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep track of and this method does position numerous difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range 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 employees you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Quickbooks Enterprise Hosted