Papaya Global Articles FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Articles… functions on the provider side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another number of uh well among 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 rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I want I was somewhere else at this moment in time alright 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 Global payroll why business maintain different

Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Making sure accurate, effective, and timely payroll payments is a complex challenge for services running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can change them from a troublesome job into a tactical possession.

Handling payroll globally is an overwhelming task due to various regulations, compliance requirements, data security issues, and banking guidelines. The large variety of workers and businesses adds to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.

Standard payroll systems frequently lead to manual procedures, information silos, and a lack of combination, resulting in disparities and inefficiencies. Regardless of residing in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to provide insights and options to streamline and optimize global payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide companies have actually expressed 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 due to time reporting poor HCM information data entry mistakes badly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they rely 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 difficulties business face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be consisted of right and what does

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it need to be thought of there’s differing Bank information 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 need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is definitely critical however everywhere 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 type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to kind of move forward with that it likewise too to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I’m always surprised when individuals state I’ve divided 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 split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more essential to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by companies across the world so once again you’re just aiming to add a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or real challenging type of pay uses to play to pay people 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 task there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but 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 produce additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single biggest liability that any company has from an expense viewpoint from an effect viewpoint on workers it is definitely crucial that it’s done properly and on time so what we suggest 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 destructive impact on people’s wellness and many other aspects if people aren’t paid uh I have actually always been astonished entering this Market type of the last five to 10 years is how little thanks the

payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is a fantastic primary step um providing an end-to-end payroll service for your staff members globally once again I think is another big um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of services and lowering the number of tools platforms and savings account they need for their International 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks

anyhow we understand how how important a function 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 everyone that’s associated with those processes and also so envision sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh definitely I can’t picture 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 actually see what was going on and sort of try to return to everybody so moving on appearance why do business pick to main separate bank accounts there are Papaya Global Articles companies out there doing precisely this for particular nations and I have actually worked in a business or lots of businesses doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anybody that’s managing 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 amount that we are I believe numerous reasons one is it’s the standard I think people have got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm 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 sort of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering however eventually individuals are really stuck to what they recognize

with best um change is a hard thing we all do not like change um so I think 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 stuff um I understand certainly the advantages of having preserving several savings account however there’s a huge quantity of complexity chooses establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big however I believe the honest response is modification um individuals have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an element 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 know what could almost be figured out to be the next Century or so there is a lot to keep track of and this method does posture numerous obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so

I simply did you switched 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 workers you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Articles