Papaya Global Change Payroll Day FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Change Payroll Day… functions on the service provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really gloomy and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve separate

Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they include further intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 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 worldwide in the standard payroll model there’s typically an overwhelming number of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really basic there’s no genuine consistency structure we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in global payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide businesses have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors inadequately communicated hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t need to be included best and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it need to be considered 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 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 client’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to kind of move on with that it also too to add to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I’m always amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 frequently 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 also paying statutory authorities and on statutory third parties so with the

The modern world places a high value on wellness and the settlement landscape is ending up being significantly elaborate. Businesses are continually introducing new advantages and payment alternatives, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technically advanced period, there’s no reason for keeping cumbersome treatments. Payroll, the business’s greatest expense, must be processed properly and on time. Even small delays can negatively affect staff members’ well-being and have significant repercussions. Therefore, it’s vital to prioritize precise and prompt payments.

The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally as well. Therefore, it is necessary to make sure that tasks like Wi-Fi International and other essential matters are done properly. Using the very first Global Payments very first payroll payment option is a fantastic preliminary step towards supplying a thorough payroll solution for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and savings account required for global payroll are key consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as planned. Eventually, we do not do it for the appreciation.

anyway we understand how how crucial 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 easy as possible for everyone that’s involved in those procedures and also so think of sorry I’m simply I was simply 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 make sure we’re discussing numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of try to return to everyone so carrying on look why do companies select to main separate bank accounts there are Papaya Global Change Payroll Day services out there doing precisely this for particular countries and I have actually operated in a service or many companies 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 developing additional work for anybody where we don’t have to and anybody that’s dealing with 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 lots of reasons one is it’s the standard I think individuals have got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering but ultimately people are really stuck with what they’re familiar

with ideal um change is a hard thing we all do not like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining numerous savings account however there’s a substantial quantity of complexity chooses establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is big however I think the truthful answer is modification um people have not been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly 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 figured out to be the next Century approximately there is a lot to monitor and this approach does posture a number of difficulties um so Johnny could you inform us about those challenges yeah obviously 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Change Payroll Day