Over the last five or 6 years …Papaya Global Vs Quickbooks Payroll… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well one of 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 rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s drizzling here it’s extremely really bleak and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a burdensome task into a tactical possession.
Handling payroll globally is a challenging job due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and services adds to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically lead to manual processes, information silos, and a lack of integration, causing disparities and inefficiencies. In spite of residing in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and options to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international companies have revealed that they do not 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 poor HCM data information entry mistakes poorly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they depend on the essential 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 organization 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 does not require to be included ideal 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 nation there’s payment time frames 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 ideal ultimately building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to add to sort 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 aiming to add increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger 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 details into the next function as it were that’s in fact managing 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 know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single most significant liability that any company has from a cost perspective from an impact perspective on employees it is definitely important that it’s done correctly and on time so what we mean 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 detrimental result on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a great initial step um supplying an end-to-end payroll solution for your workers worldwide again I believe is another big um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of businesses and minimizing the variety of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
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 easy as possible for everyone that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying to clean 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 need days of the week to try to check out them and really see what was going on and sort of shot to return to everybody so proceeding look why do business select to primary different checking account there are Papaya Global Vs Quickbooks Payroll organizations out there doing precisely this for particular nations and I have actually operated in a service or lots of services doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and anybody that’s managing that procedure 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 believe lots of reasons one is it’s the requirement I believe people have got so utilized to we require a 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 standard the people have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a process that needs looking at it requires changing however eventually individuals are really stuck to what they’re familiar
with best um change is a challenging thing we all don’t like change um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving multiple savings account however there’s a big amount of intricacy opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is big however I believe the sincere response is change um individuals have not been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this method does present numerous difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Vs Quickbooks Payroll