How To Setup Papaya Global With Outlook FAQ – Payroll Management 2024

Over the last 5 or six years …How To Setup Papaya Global With Outlook… functions on the provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort 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 wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep different

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 International payroll payments as a tactical possession uh we’ll also discuss a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and managing them ends up being more and more complex Global organizations are aiming to discover Solutions and new ways to enhance processes especially from a payroll and cross-border payment viewpoint numerous organizations preserve different bank account just for payroll while some have numerous accounts in different countries does it make sense for companies to keep separate bank accounts in some cases in different nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex procedures of

making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most notably policies compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 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 globe in the standard payroll model there’s typically a frustrating variety of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or very really basic there’s no real consistency structure we’re living 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 frequently with pen and paper and that simply blows my mind whenever I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in global payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a great question I always throw this back and say what is it what does not need to be consisted of best and what does

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it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if but 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 think there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to kind of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance teams work better together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high value on wellness and the settlement landscape is becoming progressively detailed. Businesses are continuously presenting new advantages and payment alternatives, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly advanced era, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even slight delays can adversely affect employees’ wellness and have far-reaching consequences. For that reason, it’s critical to prioritize accurate and timely payments.

payroll team get um so I’m not exactly 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 workers or not um but eventually payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe 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 vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll option for your staff members globally again I believe is another huge um process once again aligning and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of organizations and lowering the number of tools platforms and savings account they need for their International 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’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks

anyhow we know how how essential 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind 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 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 try to look through them and actually see what was going on and type of try to return to everyone so carrying on look why do companies select to main different checking account there are How To Setup Papaya Global With Outlook companies out there doing exactly this for particular nations and I have actually operated in a business or lots of organizations doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t need to and anyone 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 lots of reasons one is it’s the requirement I think people have actually got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering but ultimately individuals are very stuck to what they’re familiar

with ideal um change is a tough thing we all do not like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping several bank accounts but there’s a substantial quantity of intricacy chooses establishing a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial but I believe the sincere answer is modification um individuals haven’t been able to change or haven’t had necessarily the understanding 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 think it is understanding you understand and there is an aspect of resistance to change but we have actually always 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 could practically be identified to be the next Century or so there is a lot to monitor and this technique does present several obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so

I just did you changed our Business 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 International employees you should have a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you How To Setup Papaya Global With Outlook