Papaya Global Courses Liverpool FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Courses Liverpool… roles on the service provider side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve different

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately 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 challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the global Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll design there’s typically an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really very fundamental there’s no real consistency structure we’re living in an age of tech however payroll has been sluggish 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 every 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 say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes improperly communicated hires and terminations along with absence management and system setups and then when you round everything off and the data is shipped to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and state what is it what does not need to be consisted of ideal and what does

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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 nation there’s payment time frames 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 any place you look ideal ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to type of progress with that it also too to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more essential to contribute to kind of the level of complexity there’s more and more benefits being organ or being used by organizations throughout the world so once again you’re simply seeking to add a growing number of payments to this already intricate landscape so if you type 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 genuine obstacles or genuine challenging kind of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from an expense point of view from an effect viewpoint on staff members it is absolutely important that it’s done properly and on time so what we indicate 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 detrimental effect on people’s wellness and many other aspects if people aren’t paid uh I’ve constantly been impressed entering this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m uncertain anyone on this type of webinar has 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 workers or not um however eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is a great initial step um providing an end-to-end payroll option for your workers globally once again I believe is another big um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t think any of us are actually doing that for for the thanks

anyhow we know how how essential a function 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 involved in those procedures and also so imagine sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing 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 look through them and actually see what was going on and sort of shot to return to everybody so carrying on appearance why do companies select to primary separate savings account there are Papaya Global Courses Liverpool companies out there doing exactly this for specific countries and I have actually operated in a service or many organizations doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I think individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing but eventually people are very stuck to what they’re familiar

with right um modification is a difficult thing all of us don’t like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving multiple bank accounts however there’s a huge quantity of complexity chooses establishing a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is big however I think the truthful answer is modification um individuals have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep an eye on and this approach does pose several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Courses Liverpool