Over the last five or six years …What Is Intuit Papaya Global Payroll Annual Subscription… functions on the company side and also on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 very extremely gloomy and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also review a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them becomes a growing number of complex Worldwide organizations are wanting to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment perspective many organizations keep different bank account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve different bank accounts often in various countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures of
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they include further intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s frequently an overwhelming number of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or really really fundamental there’s no real consistency structure we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a business invests in international payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide businesses have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not require to be included ideal 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 timespan 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 client’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is definitely vital but all over you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to sort of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely vital that payroll and financing groups work better together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation 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 procedure it’s the point of information collection all the way through to paying individuals any place 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 sort of the level of complexity there’s more and more benefits being organ or being offered by services throughout the world so once again you’re just seeking to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine challenging sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an impact perspective on employees it is absolutely critical that it’s done properly 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 detrimental effect on people’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually 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 just see when things go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally also. Therefore, it is necessary to ensure that tasks like Wi-Fi Global and other important matters are done properly. Utilizing the very first International Payments first payroll payment solution is a terrific preliminary action towards providing a comprehensive payroll service for staff members worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and checking account necessary for worldwide payroll are crucial factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyway we understand 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 everybody that’s involved in those procedures and also so picture sorry I’m simply I was just gon na state envision the amount 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 envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and sort of shot to return to everybody so moving on look why do business pick to main separate savings account there are What Is Intuit Papaya Global Payroll Annual Subscription organizations out there doing exactly this for specific nations and I’ve worked in a company or numerous companies doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t have to and anybody that’s managing 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 amount that we are I think lots of factors one is it’s the requirement I believe individuals have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes 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 adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering but eventually people are really stuck to what they’re familiar
with right um modification is a challenging thing all of us don’t like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping numerous bank accounts but there’s a big amount of intricacy chooses establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is substantial however I believe the truthful answer is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to monitor and this technique does present a number of challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. What Is Intuit Papaya Global Payroll Annual Subscription