Cost Papaya Global Payroll FAQ – Payroll Management 2024

Over the last 5 or 6 years …Cost Papaya Global Payroll… functions on the supplier side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone originates 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 extremely uninspiring 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 obstacle years of handling International payroll why business keep separate

bank accounts 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 possession uh we’ll also discuss a recap and that must leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of typical and handling them ends up being a growing number of complicated International organizations are seeking to find Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment perspective many organizations keep separate bank account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve different checking account sometimes in different countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies streamline 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 business accurately forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most significantly policies compliance data security and banking rules then there are the large numbers they include further complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll model there’s often a frustrating number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or very extremely fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which 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 businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of international companies have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be included best and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it need to be thought about 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 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 client’s own in-country account so there’s intricacy any place you look best eventually constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some babies 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 definitely fundamental and technology is enabling us to type of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely important that payroll and financing groups work more detailed together than ever um I’m always surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry 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 information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses across the world so again you’re just aiming to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or real challenging sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really handling 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 know long gone are the times where we need to produce extra handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense point of view from an impact perspective on staff members it is absolutely crucial 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 have to be done right it has the most significant damaging impact on people’s well-being and many other aspects if individuals aren’t paid uh I’ve constantly been amazed entering this Market type of the last five to ten years is how little thanks the

The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally too. For that reason, it is important to ensure that jobs like Wi-Fi Global and other essential matters are done properly. Using the first Worldwide Payments very first payroll payment service is a great initial step towards supplying an extensive payroll option for employees worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and savings account necessary for international payroll are crucial factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as planned. Ultimately, we do not do it for the appreciation.

anyhow we know how how crucial a function 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 procedures and also so think of sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of shot to return to everyone so carrying on look why do companies choose to main separate savings account there are Cost Papaya Global Payroll organizations out there doing precisely this for specific nations and I have actually worked in a service or numerous organizations doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think individuals have actually got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires changing however ultimately individuals are really stuck to what they recognize

with ideal um change is a challenging thing we all don’t like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping several savings account however there’s a big amount of intricacy chooses establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is huge however I believe the honest response is change um people haven’t been able to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or so there is a lot to monitor and this technique does posture several difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so

I just recently made a modification to our Enterprise 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 gained another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Cost Papaya Global Payroll