Managing payroll worldwide is a challenging job … Compare Papaya Global And Quickbooks Payroll…
How much revenue does the company make? Compare Papaya Global And Quickbooks Payroll
Over the last five or 6 years …Compare Papaya Global And Quickbooks Payroll… functions on the service provider side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two 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 intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind 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 extremely really bleak and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession 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.
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to optimize working capital, and find how simplifying global payroll payments can change them from a difficult job into a tactical asset.
due to different regulations, compliance requirements, data security concerns, and banking guidelines. The large number of workers and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual processes, data silos, and a lack of combination, leading to disparities and inadequacies. Despite living in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to offer insights and services to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on global payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors poorly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the data is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they depend on the required several 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 company face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be included right and what does
it require to be considered there’s differing Bank information 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 customer’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 definitely fundamental and technology is permitting us to type of move on with that it also too to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing groups work better together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to add to sort of the level of intricacy there’s increasingly more advantages being organ or being used by organizations throughout the world so again you’re simply seeking to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine challenges or real challenging sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly state that the larger a business 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 groups feeding details into the next function as it were that’s in fact managing the payment side of things but you know 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 create extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an effect perspective on employees it is definitely critical that it’s done correctly 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 destructive result on people’s wellness and numerous other aspects if people aren’t paid uh I have actually constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 stuff is absolutely important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a terrific first step um providing an end-to-end payroll solution for your staff members worldwide again I believe is another big um process again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of services and reducing the variety of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 simple as possible for everyone that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh absolutely I can’t think of 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 really see what was going on and type of shot to return to everybody so moving on appearance why do business choose to main different checking account there are Compare Papaya Global And Quickbooks Payroll businesses out there doing precisely this for specific nations and I’ve worked in a company or many services doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for any person 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 quantity that we are I think lots of reasons one is it’s the standard I believe people have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires changing however eventually people are really stuck with what they recognize
with ideal um modification is a tough thing we all don’t like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving numerous savings account however there’s a big amount of complexity goes with setting up a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private people so the complexity is substantial but I think the truthful response is modification um individuals haven’t been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be figured out to be the next Century or two there is a lot to keep track of and this method does position numerous obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Compare Papaya Global And Quickbooks Payroll
I find time and time again the employees typically misclassified unwittingly they don’t comprehend the conditions of work or contract and are informed by the customer why it’s most advantageous primarily to the client why you ought to be used or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be impacted and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t contributed to pensions Etc so it’s a huge effect that they never ever understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance coverage versus misclassification but normally premiums are only covering the cost of legal fees whilst the average claim evaluated versus employers relates to to 40 or 50 percent of the base pay of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest most of the times I have not seen it a minimum of so uh the the other location that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK