Over the last five or six years …Wave Accounting Vs Papaya Global Payroll… roles on the provider side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody 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 drizzling here it’s extremely extremely dreary and I want I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business keep different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include further complexity the global Workforce is presently three and a half billion individuals by 2030 it’s estimated 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 companies and growing all doing their own thing around the world in the standard payroll design there’s typically an overwhelming variety of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely extremely fundamental there’s no real consistency framework we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international organizations have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be consisted of right 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 country there’s payment amount of time 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to type of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing groups work closer together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the settlement landscape is ending up being progressively detailed. Businesses are continually presenting new advantages and payment choices, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today’s technically innovative era, there’s no reason for preserving cumbersome treatments. Payroll, the company’s biggest expense, need to be processed properly and on time. Even slight delays can adversely affect workers’ wellness and have significant consequences. For that reason, it’s important to prioritize precise and prompt payments.
payroll group get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic 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 find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe 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 stuff is absolutely essential that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll service for your workers worldwide once again I think is another big um process once again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of services and decreasing 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 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 expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 everybody that’s involved in those processes and also so think of sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine 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 absolutely be an interesting task 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 try to look through them and really see what was going on and sort of shot to return to everybody so carrying on appearance why do companies select to primary different checking account there are Wave Accounting Vs Papaya Global Payroll organizations out there doing precisely this for specific countries and I’ve worked in an organization or lots of organizations doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I believe people have actually got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it needs changing but eventually people are very stuck to what they’re familiar
with best um modification is a hard thing all of us do not like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having maintaining multiple bank accounts however there’s a big amount of intricacy opts for setting up a savings account preserving it guaranteeing 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 haven’t been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or two there is a lot to track and this approach does present numerous difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Wave Accounting Vs Papaya Global Payroll