Is There A Report Writer In Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Is There A Report Writer In Papaya Global… functions on the company side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting 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 everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business preserve different

Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively securely 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 expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add more complexity the global Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there’s often an overwhelming variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or extremely very basic there’s no genuine consistency structure we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on global payroll the less of an image they see an absence of presence also encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide organizations have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is delivered to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be consisted of best and what does

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it need 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 time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look right eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to kind of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation 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 procedure it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more crucial to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so again you’re just looking to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or real tough kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from a cost point of view from an impact point of view on employees it is definitely critical that it’s done properly and on time so what we mean 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 detrimental effect on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been impressed entering into this Market sort of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout 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 definitely important that all of this things is done properly so leveraging the first International Payments very first payroll payment service is an excellent first step um providing an end-to-end payroll option for your staff members worldwide again I believe is another huge um process again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of businesses and decreasing the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of 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 grievances where things have not gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks

anyway we know how how important 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 easy as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and sort of try to return to everyone so moving on look why do business choose to main different checking account there are Is There A Report Writer In Papaya Global organizations out there doing exactly this for particular countries and I have actually worked in an organization or many companies doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I believe individuals have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a process that needs taking a look at it needs changing however ultimately individuals are really stuck to what they recognize

with best um change is a challenging thing all of us do not like change um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving numerous checking account but there’s a huge amount of complexity goes with establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is huge but I think the honest answer is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep track of and this approach does pose a number of obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range 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 tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Is There A Report Writer In Papaya Global