Over the last five or 6 years …Payroll Integration With Quickbooks From Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well one of 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 interesting 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 everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really gloomy and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a wrap-up which must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and managing them becomes increasingly more complicated International companies are seeking to discover Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment perspective lots of companies maintain separate savings account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve different checking account in some cases in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a challenging task into a strategic property.
Managing payroll worldwide is a daunting job due to numerous guidelines, compliance requirements, information security issues, and banking rules. The sheer number of employees and services contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual procedures, information silos, and an absence of combination, resulting in inconsistencies and inadequacies. Regardless of residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to offer insights and services to simplify and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide services have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors badly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the information is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the required several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and state what is it what does not need to be included ideal and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 complexity wherever you look best ultimately building a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to sort of move forward with that it likewise too to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m always amazed when individuals say 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 divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 people any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on wellness and the payment landscape is ending up being progressively detailed. Businesses are continuously presenting brand-new advantages and payment alternatives, which contributes to the total complexity. Large corporations often divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically innovative era, there’s no justification for preserving troublesome treatments. Payroll, the business’s greatest cost, need to be processed correctly and on time. Even minor delays can adversely impact workers’ well-being and have far-reaching repercussions. Therefore, it’s critical to focus on precise and prompt payments.
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is an excellent primary step um offering an end-to-end payroll service for your staff members internationally again I believe is another big um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and checking account they need for their Worldwide 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how crucial a function 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 simple as possible for everyone that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t imagine 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 actually see what was going on and kind of try to return to everybody so carrying on look why do business choose to main different checking account there are Payroll Integration With Quickbooks From Papaya Global businesses out there doing exactly this for particular nations and I have actually worked in a service or many services doing exactly that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a process that needs looking at it needs changing but eventually individuals are extremely stuck with what they recognize
with right um change is a tough thing we all do not like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having preserving several checking account but there’s a huge amount of complexity chooses establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is huge but I think the truthful answer is modification um individuals have not been able to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or two there is a lot to track and this approach does posture numerous challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a modification to our Business 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 gained another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Payroll Integration With Quickbooks From Papaya Global