Papaya Global Free Download Software FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Free Download Software… roles on the service provider side and likewise on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll likewise go over a recap and that ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them ends up being more and more complicated Global companies are aiming to find Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment perspective numerous organizations preserve separate savings account just for payroll while some have several accounts in different countries does it make good sense for business to maintain different bank accounts in some cases in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business improve the episode complex processes of

making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most notably guidelines compliance data security and banking rules then there are the large numbers they add additional complexity the worldwide Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll design there’s frequently an overwhelming number of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or really very basic there’s no real consistency framework we’re living 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 often with pen and paper which just blows my mind every time I I think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in international 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 deal nearly half of international companies have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes badly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the information is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be included right and what does

it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if however 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 acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to kind of progress with that it also too to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so once again you’re just looking to add more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real challenges or real challenging type of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from an expense perspective from an impact viewpoint on employees it is absolutely critical 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 destructive result on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually always been astonished entering this Market sort of the last 5 to 10 years is how little thanks the

The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally as well. For that reason, it is important to ensure that jobs like Wi-Fi International and other essential matters are done correctly. Using the first Worldwide Payments very first payroll payment option is a fantastic initial action towards offering an extensive payroll option for workers worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account needed for global payroll are essential consider attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as planned. Eventually, we don’t do it for the thankfulness.

anyhow we understand how how important 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 everybody that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of try to return to everybody so carrying on look why do business select to main separate bank accounts there are Papaya Global Free Download Software organizations out there doing exactly this for particular nations and I’ve worked in a service or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have to and anybody that’s managing that process 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 think many factors one is it’s the standard I believe individuals have got so utilized to we require a new savings 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 think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires altering however eventually individuals are very stuck with what they recognize

with right um change is a tough thing we all don’t like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving numerous checking account however there’s a big amount of intricacy chooses establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is big but I think the truthful response is modification um individuals have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or so there is a lot to track and this technique does position numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Free Download Software