Papaya Global 50 Delete Attachment FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global 50 Delete Attachment… roles on the provider side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort 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 everybody originates from and I really 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 drizzling here it’s very very dreary and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies keep different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a recap and that should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and handling them becomes increasingly more complicated Worldwide organizations are wanting to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment standpoint many companies preserve different bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate checking account in some cases in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business enhance the episode complex processes of

Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a difficult job into a tactical property.

Handling payroll globally is a complicated task due to different policies, compliance requirements, information security concerns, and banking guidelines. The large number of workers and organizations contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.

Standard payroll systems often result in manual procedures, data silos, and a lack of integration, leading to inconsistencies and inefficiencies. Despite residing in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to offer insights and options to simplify and optimize worldwide payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global companies have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors improperly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the required several processes 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 difficulties service face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be included ideal and what does

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it require to be thought of there’s differing Bank details 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely payments no if but some infants 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to kind of move forward with that it also as well to add to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there’s more and more benefits being organ or being provided by companies across the world so once again you’re simply looking to add increasingly more payments to this currently complex landscape so if you type 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 real challenges or real tough kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense point of view from an impact viewpoint on staff members it is absolutely vital 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 have to be done right it has the most significant detrimental impact on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m unsure anybody on this type of webinar has actually been told 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 a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout 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 stuff is definitely vital that all of this things is done properly so leveraging the first International Payments first payroll payment option is a great initial step um offering an end-to-end payroll option for your employees worldwide once again I think is another substantial um procedure once again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of businesses and minimizing the number 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’ve never ever had a hundred countless 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 haven’t gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks

anyway we know how how crucial 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 associated with those processes and also so envision sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and kind of shot to return to everybody so moving on appearance why do business pick to primary different savings account there are Papaya Global 50 Delete Attachment businesses out there doing precisely this for particular countries and I’ve operated in a business or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t have 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 many reasons one is it’s the requirement I think people have actually got so used to we require a brand-new checking account we open an entity and rightly 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 standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals 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 range I believe this is a procedure that requires taking a look at it requires changing however ultimately people are extremely stuck with what they recognize

with right um modification is a difficult thing we all don’t like modification um so I think 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 comprehend obviously the benefits of having preserving multiple checking account but there’s a big amount of complexity chooses setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is big but I believe the truthful response is modification um individuals have not been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century approximately there is a lot to track and this approach does pose several challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so

I just did you changed our Enterprise 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 Worldwide employees you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 50 Delete Attachment