Papaya Global Courses Belfast FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Courses Belfast… roles on the company side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us 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 simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually 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 really really uninspiring and I want I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business maintain different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll also go over a wrap-up which must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and handling them ends up being a growing number of intricate Global organizations are looking to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment perspective many companies preserve separate bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to keep different bank accounts often in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex processes of

making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s typically a frustrating number of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very very fundamental there’s no genuine consistency framework we’re residing in an age of tech however payroll has actually been sluggish 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 provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a company spends on global payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors improperly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical cost 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 don’t run efficiently if they count on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a great question I always throw this back and state what is it what does not need to be consisted of right and what does

it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 complexity wherever you look ideal eventually constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely essential and innovation is allowing us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 ultimately 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

world we live in and well-being being more and more crucial to contribute to type of the level of complexity there’s a growing number of benefits being organ or being offered by organizations across the world so again you’re just looking to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from an expense perspective from an effect perspective on staff members it is absolutely important that it’s done correctly 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 damaging impact on individuals’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been surprised coming into this Market sort of the last five to 10 years is how little thanks the

The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only notice when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi Global and other important matters are done properly. Using the very first Global Payments very first payroll payment solution is a great initial action towards providing a comprehensive payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and bank accounts essential for worldwide payroll are key factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Ultimately, we don’t do it for the thankfulness.

anyway we know how how crucial 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 everyone that’s involved in those processes and likewise so imagine sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and kind of try to return to everybody so proceeding look why do companies choose to main separate checking account there are Papaya Global Courses Belfast businesses out there doing exactly this for particular nations and I’ve operated in a business or lots of businesses doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anybody that’s dealing with that procedure 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 think many factors one is it’s the standard I think individuals have actually got so used to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe 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 contribute to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs altering however ultimately people are really stuck to what they’re familiar

with best um change is a tough thing we all don’t like change um so I think it’s just sort 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 understand undoubtedly the advantages of having keeping numerous checking account however there’s a big amount of complexity goes with establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is substantial however I think the sincere response is change um individuals have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or two there is a lot to keep track of and this technique does posture several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Courses Belfast