Move Papaya Global Data To Network FAQ – Payroll Management 2024

Over the last 5 or six years …Move Papaya Global Data To Network… roles on the supplier side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody 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 kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really 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 really uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business maintain different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll likewise go over a recap and that should leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more common and managing them becomes more and more intricate Global companies are aiming to discover Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint many organizations preserve separate checking account just for payroll while some have several accounts in different nations does it make good sense for business to maintain separate checking account often in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international 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 savings account how companies precisely anticipate their payroll costs to increase working capital and how improving 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 globally it’s next level and Beyond it ends up being complex for a variety of factors most notably policies compliance data security and banking rules then there are the large numbers they include additional intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll model there’s frequently an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or very very standard there’s no genuine consistency framework we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide businesses have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes poorly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the incorrect place the average cost 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 worldwide payroll and payments don’t run smoothly if they count on the essential several 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 obstacles company face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be consisted of right and what does

it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is definitely crucial but all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to sort of progress with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m constantly 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 profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of crucial to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by companies across the world so once again you’re just seeking to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine difficult sort of pay uses to play to pay people I believe yeah I mean 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 teams feeding info into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you know 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 said payroll is the single most significant liability that any company has from an expense perspective from an impact perspective on staff members it is definitely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging effect on people’s well-being and many other elements if people aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m not sure anybody on this sort of webinar has actually been informed 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 staff members or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll solution for your employees worldwide once again I think is another huge um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in regards to 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 five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks

anyhow we understand how how essential 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 associated with those processes and likewise so envision sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and kind of shot to get back to everybody so proceeding look why do companies select to primary different checking account there are Move Papaya Global Data To Network organizations out there doing precisely this for specific countries and I have actually worked in a service or numerous services doing precisely that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and any person that’s handling 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 factors one is it’s the standard I believe people have got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs changing however ultimately individuals are extremely stuck to what they recognize

with best um modification is a challenging thing all of us do not like change um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining multiple savings account but there’s a huge quantity of complexity chooses setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is substantial but I believe the sincere response is modification um people have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this technique does position numerous obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a range 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 seems like our CFO has acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide 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 accomplishments. Move Papaya Global Data To Network