Over the last five or 6 years …Does Papaya Global Payroll Software Work With Turbotax… functions on the provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really 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 very dreary and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also review a recap and that should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and managing them becomes increasingly more complex Worldwide organizations are looking to find Solutions and new ways to simplify processes specifically from a payroll and cross-border payment viewpoint many companies keep different bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain different bank accounts in some cases in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business improve the episode complex procedures of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most significantly policies compliance data security and banking guidelines then there are the large numbers they add additional complexity the global Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 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 conventional payroll design there’s frequently a frustrating number of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or very extremely standard there’s no genuine consistency structure we’re living in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I believe
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 data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service spends on global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of global companies have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors badly communicated hires and terminations along with absence management and system configurations and then when you round it all off and the data is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the needed several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what does not require to be included ideal and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely necessary that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being used by services throughout the world so once again you’re simply wanting to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or genuine challenging sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that does not always 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 do not make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an impact point of view on employees 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 most significant detrimental impact on people’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the first International Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll service for your workers internationally again I believe is another big um process again aligning and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and checking account they require 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 have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how important a function 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 simple as possible for everybody that’s involved in those processes and also so picture sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure 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 but it would certainly be an interesting job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and type of try to get back to everyone so carrying on look why do companies select to primary different savings account there are Does Papaya Global Payroll Software Work With Turbotax businesses out there doing exactly this for particular countries and I have actually worked in a company or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we don’t have 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 think many reasons one is it’s the standard I believe individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have 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 type of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering however eventually individuals are really stuck with what they’re familiar
with ideal um change is a difficult thing we all do not like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining multiple savings account however there’s a substantial quantity of intricacy opts for establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is big however I think the honest response is change um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or two there is a lot to keep an eye on and this approach does position several challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I just did you switched our Business 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 Worldwide staff members you are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Software Work With Turbotax