Over the last 5 or 6 years …Papaya Global Payroll Pricing For Accountants… functions on the company side and likewise on the vendor side from a payroll viewpoint so actually 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 couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly 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 really really gloomy and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise go over a wrap-up which must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and managing them ends up being increasingly more complex Worldwide organizations are seeking to discover Solutions and new methods to enhance processes particularly from a payroll and cross-border payment viewpoint lots of companies preserve different savings account just for payroll while some have several accounts in different countries does it make good sense for business to preserve different checking account in some cases in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies improve the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and discover how streamlining global payroll payments can change them from a burdensome job into a tactical possession.
Managing payroll worldwide is a daunting job due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and services contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual procedures, data silos, and an absence of integration, causing disparities and inadequacies. Regardless of residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to supply insights and options to simplify and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in global payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of global services have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes improperly interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend 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 needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought of there’s varying 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 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 wherever you look right ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to kind of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation 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 procedure it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being provided by businesses across the world so again you’re simply wanting to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or genuine tough kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any business has from a cost point of view from an effect viewpoint on employees it is absolutely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful result on people’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been surprised coming into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has 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 fails however when it goes right it’s simply a tick box workout and I believe 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 stuff is definitely vital that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is a great initial step um providing an end-to-end payroll option for your workers worldwide again I believe is another huge um process again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies and lowering the variety of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve 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 haven’t gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 associated with those procedures and also so imagine sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing 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 up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of shot to return to everybody so proceeding look why do business choose to primary different bank accounts there are Papaya Global Payroll Pricing For Accountants businesses out there doing exactly this for particular nations and I have actually worked in a business or numerous services doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s handling 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 think many reasons one is it’s the requirement I think people have got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a process that requires looking at it requires changing but eventually people are really stuck to what they recognize
with ideal um change is a hard thing all of us don’t like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having maintaining multiple checking account however there’s a huge quantity of intricacy goes with establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is big but I believe the sincere response is change um individuals haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep an eye on and this method does posture a number of obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise 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 deserve a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Pricing For Accountants