Papaya Global Employee Payroll Calculator FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Employee Payroll Calculator… functions on the company side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join all of us 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 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 very extremely gloomy 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 looking at the difficulty years of handling Worldwide payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and managing them becomes a growing number of complex Worldwide organizations are looking to discover Solutions and new ways to streamline processes particularly from a payroll and cross-border payment viewpoint many companies maintain different bank account just for payroll while some have several accounts in different nations does it make good sense for business to keep different checking account often in different nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business simplify the episode complex processes of

making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most notably regulations compliance data security and banking rules then there are the large numbers they include additional complexity the worldwide Labor force is currently 3 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 businesses and growing all doing their own thing worldwide in the conventional payroll design there’s often an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely really standard there’s no real consistency framework we’re living in a period of tech but 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 which just blows my mind each time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global organizations have actually expressed that they don’t 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 bad HCM data data entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is delivered to the wrong 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 worldwide payroll and payments do not run efficiently if they rely on the needed numerous procedures 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 challenges business face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does

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

it need to be thought of 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is absolutely important however all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to sort of move on with that it likewise as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing groups work closer together than ever um I’m always amazed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually 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 however also paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high value on well-being and the compensation landscape is becoming increasingly detailed. Businesses are constantly presenting brand-new advantages and payment choices, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technically innovative era, there’s no reason for preserving cumbersome procedures. Payroll, the business’s most significant expenditure, need to be processed correctly and on time. Even small delays can adversely impact workers’ well-being and have significant repercussions. Therefore, it’s crucial to prioritize accurate and prompt payments.

payroll team get um so I’m not sure 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 employees or not um however ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe 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 absolutely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll option for your staff members globally again I think is another big um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of businesses and lowering the variety of tools platforms and bank accounts they require for their Worldwide 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks

anyhow we know how how essential a role 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 everybody that’s associated with those procedures and also so imagine sorry I’m just I was just gon na say 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 talking about numerous thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of try to get back to everyone so proceeding appearance why do companies choose to primary different bank accounts there are Papaya Global Employee Payroll Calculator organizations out there doing precisely this for specific nations and I’ve worked in a business or many companies doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe individuals have got so utilized to we need a brand-new savings account we open an entity and rightly 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 just 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 actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that requires looking at it needs changing however ultimately people are extremely stuck with what they’re familiar

with best um modification is a hard thing all of us don’t like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining multiple savings account but there’s a huge amount of intricacy opts for establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is substantial but I think the sincere response is modification um people have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this method does posture several challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Employee Payroll Calculator