Papaya Global Bacs Standard 18 FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Bacs Standard 18… functions on the company side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 extremely extremely bleak and I wish I was elsewhere at this moment in time fine 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 Global payroll why companies keep different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll likewise go over a wrap-up and that must leave his time at the extremely very 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 Global workforces become a growing number of typical and managing them ends up being increasingly more complex Worldwide companies are looking to find Solutions and new methods to simplify processes particularly from a payroll and cross-border payment perspective lots of organizations keep different checking account just for payroll while some have multiple accounts in different nations does it make sense for business to maintain separate checking account sometimes in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business improve the episode complex processes of

Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for companies running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and discover how improving global payroll payments can change them from a difficult task into a tactical possession.

Managing payroll internationally is a daunting task due to various regulations, compliance requirements, data security issues, and banking rules. The large variety of staff members and services adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.

Conventional payroll systems frequently lead to manual processes, data silos, and an absence of combination, leading to disparities and inadequacies. Despite residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to supply insights and solutions to simplify and enhance global payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide services have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors badly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they depend on the essential numerous 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 challenges business face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does

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it require to be thought about 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 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 customer’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to kind of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m constantly impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being a growing number of crucial to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by companies across the world so again you’re simply looking to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or real tough sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info 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 does not always need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from an expense point of view from an effect perspective on staff members it is definitely critical 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 greatest damaging result on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve constantly been astonished entering into this Market sort of the last five to ten years is how little thanks the

payroll group get um so I’m unsure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all become aware of it when it fails everybody 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the first International Payments very first payroll payment option is a fantastic first step um supplying an end-to-end payroll solution for your workers internationally once again I think is another huge um process once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of services and reducing the number of tools platforms and savings account they need for their Worldwide payroll too couldn’t 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 countless them within a payroll cycle do not anticipate to you do get the odd 5 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 do not think any of us are really doing that for for the thanks

anyhow we know how how essential 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 simple as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision 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 certainly be an interesting job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and sort of try to get back to everyone so moving on appearance why do business choose to main separate checking account there are Papaya Global Bacs Standard 18 businesses out there doing exactly this for specific countries and I have actually worked in a service or lots of services doing exactly 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 additional work for anyone where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I think individuals have actually got so utilized to we need a new savings 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 simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a process that requires looking at it needs altering however ultimately individuals are extremely stuck to what they’re familiar

with best um modification is a difficult thing all of us don’t like change um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having keeping numerous bank accounts but there’s a substantial amount of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is huge however I think the truthful response is modification um people haven’t been able to alter or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to monitor and this method does position several difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so

I just 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 because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Bacs Standard 18