Papaya Global Account Login FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Account Login… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really uninspiring and I wish I was elsewhere at this moment in time alright so let’s get going 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 preserve different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll also review a recap and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and handling them ends up being more and more complicated Worldwide organizations are seeking to discover Solutions and new ways to improve processes especially from a payroll and cross-border payment viewpoint numerous companies preserve separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve different bank accounts sometimes in various countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies improve the episode complex processes of

making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly policies compliance information security and banking rules then there are the sheer numbers they add further intricacy the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people 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 world in the standard payroll model there’s typically a frustrating number of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or very extremely standard there’s no real consistency structure we’re living 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 typically with pen and paper and that just 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 say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global organizations 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 mistakes are because of time reporting poor HCM data data entry errors badly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the data is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they rely on the necessary multiple procedures 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 service face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be consisted of right and what does

it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble super payments no if however some infants 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 recognition that payroll payments are definitely fundamental and innovation is allowing us to sort of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work better together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world positions a high value on wellness and the payment landscape is becoming progressively detailed. Businesses are constantly presenting brand-new advantages and payment options, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my opinion, this does not need to be the case. In today’s technically sophisticated era, there’s no reason for preserving cumbersome treatments. Payroll, the business’s most significant cost, need to be processed properly and on time. Even minor delays can negatively impact employees’ wellness and have significant effects. Therefore, it’s important to focus on precise and prompt payments.

payroll group get um so I’m not sure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is an excellent initial step um providing an end-to-end payroll solution for your workers worldwide once again I think is another huge um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of services and minimizing the number of tools platforms and savings account they need for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks

anyhow we understand 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 envision sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you notes 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 attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of try to get back to everyone so proceeding appearance why do companies choose to main different bank accounts there are Papaya Global Account Login businesses out there doing exactly this for specific countries and I have actually worked in a service or many services doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I think individuals have got so used to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a process that needs looking at it requires changing however ultimately people are very stuck to what they’re familiar

with right um modification is a tough thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining multiple savings account however there’s a substantial quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is huge however I believe the honest answer is modification um individuals haven’t been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to monitor and this technique does position numerous difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Account Login