Over the last 5 or six years …How To Connect T Sheet And Papaya Global Payroll… roles on the provider side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just 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 really extremely dreary and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise discuss a recap and that should leave his time at the really really 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 a growing number of common and handling them ends up being more and more complex International organizations are aiming to discover Solutions and new methods to enhance processes specifically from a payroll and cross-border payment viewpoint lots of organizations keep different bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain different savings account often in various countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies streamline the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a challenging job into a tactical property.
Managing payroll internationally is a daunting task due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and services adds to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and a lack of integration, causing inconsistencies and inefficiencies. In spite of residing in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a company spends on worldwide payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide companies have expressed 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 information data entry errors badly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be included right and what does
it need to be considered there’s differing Bank information 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 innovation is enabling us to type of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m always amazed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market 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 data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to type of the level of complexity there’s more and more advantages being organ or being provided by services throughout the world so again you’re just seeking to include a growing number of payments to this currently complicated landscape so if you type 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 real obstacles or real tough kind of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run 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 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 hard as it needs to be concurred and rightly as you said payroll is the single most significant liability that any service has from a cost point of view from an effect viewpoint on employees it is definitely important 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 greatest destructive impact on people’s wellness and many other aspects if individuals aren’t paid uh I’ve always been surprised entering into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment solution is an excellent first step um offering an end-to-end payroll option for your workers globally once again I think is another huge um process again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and reducing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyhow 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 simple as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying 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 look through them and actually see what was going on and type of try to get back to everybody so moving on look why do companies pick to main separate savings account there are How To Connect T Sheet And Papaya Global Payroll organizations out there doing precisely this for particular nations and I’ve operated in a service or lots of companies doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I believe individuals have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I think this is a process that requires looking at it needs changing however eventually people are very stuck with what they recognize
with ideal um change is a difficult thing all of us do not like modification um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having preserving numerous checking account but there’s a huge amount of complexity opts for setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is huge however I think the truthful response is modification um individuals haven’t been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck 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 looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does position several obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I just did you changed 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 Global employees you should have a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you How To Connect T Sheet And Papaya Global Payroll