Papaya Global 50 V25 Email Settins FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global 50 V25 Email Settins… functions on the supplier side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very dreary and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we’ll also review a recap and that should leave his time at the very extremely 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 become increasingly more common and handling them ends up being a growing number of complex Global companies are aiming to discover Solutions and new ways to simplify processes particularly from a payroll and cross-border payment standpoint numerous organizations keep different savings account just for payroll while some have several accounts in different nations does it make good sense for business to keep different savings account often in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business simplify the episode complex processes of

making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most notably regulations compliance information security and banking rules then there are the large numbers they include additional complexity the worldwide Labor force is currently three and a half billion people by 2030 it’s approximated 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 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 frequently a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely really standard there’s no genuine consistency structure we’re residing in an age of tech but 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 each time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of international services have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely 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 challenges company face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be consisted of best and what does

it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is definitely critical however all over you look with payroll payment they resemble super payments no if but some babies 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 think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to type of progress with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and finance teams work better together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 wherever they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being increasingly more important to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being offered by organizations throughout the world so again you’re just looking to add increasingly more payments to this already complicated landscape so if you type 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 genuine difficult type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any company has from an expense perspective from an impact viewpoint on employees it is absolutely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging effect on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve always been impressed entering into this Market type of the last 5 to 10 years is how little thanks the

The payroll group may not have actually been thanked for correctly processing payroll throughout 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 a crucial cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. Therefore, it is essential to guarantee that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the first International Payments first payroll payment solution is an excellent initial action towards offering an extensive payroll option for workers worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and savings account essential for international payroll are essential consider attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as prepared. Eventually, we do not do it for the gratitude.

anyhow 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 associated with those procedures and likewise so imagine sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t envision 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 try to get back to everyone so moving on look why do business select to primary separate checking account there are Papaya Global 50 V25 Email Settins services out there doing precisely this for specific countries and I have actually worked in a company or numerous businesses doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we do not have to and any person that’s dealing with 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 think numerous reasons one is it’s the standard I believe individuals have got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires altering but ultimately people are very stuck with what they recognize

with right um change is a tough thing we all do not like change um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping numerous checking account however there’s a big quantity of complexity goes with setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is huge but I believe the sincere answer is change um individuals haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however 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 moving on and moving into you understand what could almost be identified to be the next Century or two there is a lot to monitor and this approach does present a number of challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 50 V25 Email Settins