Papaya Global Ireland FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Ireland… functions on the provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very bleak and I want I was somewhere else at this moment in time all right 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 managing Global payroll why companies keep different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll also review a recap which needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring 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 complex International companies are looking to discover Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment standpoint numerous organizations keep different savings account just for payroll while some have several accounts in different nations does it make sense for companies to maintain separate savings account sometimes in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international business enhance the episode complex procedures of

making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they add further intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll model there’s frequently a frustrating number of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency framework we’re residing in a period of tech however payroll has been sluggish 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 whenever I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on international payroll the less of a picture they see an absence of presence also extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of international services have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors badly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be included ideal and what does

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

it require to be thought about there’s varying 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to type of move on with that it also also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely vital that payroll and finance teams work better together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern world puts a high value on wellness and the compensation landscape is ending up being progressively elaborate. Businesses are continually presenting brand-new benefits and payment options, which adds to the total complexity. Big corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technologically advanced period, there’s no validation for preserving troublesome procedures. Payroll, the business’s most significant expense, should be processed correctly and on time. Even small delays can negatively affect workers’ well-being and have significant effects. For that reason, it’s vital to focus on accurate and prompt payments.

payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually 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 workers or not um but eventually payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however 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 properly so leveraging the very first International Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll service for your workers worldwide once again I think is another substantial um process once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of services and minimizing the variety of tools platforms and bank accounts they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless 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 implied to be um I don’t think any of us are actually doing that for for the thanks

anyhow we know how how important 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 everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh absolutely 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 actually see what was going on and kind of shot to return to everybody so moving on look why do companies pick to main separate savings account there are Papaya Global Ireland services out there doing exactly this for particular countries and I’ve operated in a company or lots of services doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anybody that’s dealing with 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 quantity that we are I think lots of factors one is it’s the requirement I think people have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs altering however eventually people are extremely stuck to what they recognize

with best um modification is a hard thing all of us do not like change um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping several bank accounts however there’s a huge quantity of intricacy chooses setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is huge but I believe the sincere answer is modification um people haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to keep track of and this method does posture a number of obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Ireland

Papaya Global Ireland FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Ireland… functions on the company side and also on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer 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 sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just 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 remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time alright 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 keep separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and managing them ends up being a growing number of intricate Global organizations are looking to find Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment viewpoint lots of companies preserve separate bank account just for payroll while some have several accounts in various nations does it make good sense for business to maintain different checking account often in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies simplify the episode complex procedures of

Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to optimize working capital, and find how enhancing global payroll payments can transform them from a burdensome task into a tactical property.

Handling payroll globally is a daunting job due to different guidelines, compliance requirements, information security concerns, and banking rules. The sheer number of employees and companies contributes to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems frequently result in manual processes, data silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Despite residing in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and solutions to streamline and enhance international payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company spends on international payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as 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 necessary multiple processes 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 obstacles service face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be included ideal and what does

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

it require to be thought about there’s differing 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 have 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 ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble very 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 sort of progress with that it likewise too to add to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more essential to add to type of the level of complexity there’s more and more benefits being organ or being provided by services throughout the world so again you’re just aiming to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or real tough sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would absolutely state that the bigger a service 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 teams feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any service has from a cost perspective from an impact viewpoint on employees it is definitely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive result on people’s wellness and many other factors if individuals aren’t paid uh I have actually always been surprised coming into this Market type of the last five to ten years is how little thanks the

payroll group get um so I’m uncertain anyone on this kind 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 employees or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a great primary step um offering an end-to-end payroll solution for your staff members worldwide again I think is another substantial um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of businesses and minimizing the variety of tools platforms and bank accounts they need for their Global 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 do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks

anyway we understand 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 associated with those processes and likewise so imagine sorry I’m simply I was just 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 certain we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying 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 attempt to look through them and really see what was going on and kind of shot to get back to everybody so proceeding look why do business pick to main different checking account there are Papaya Global Ireland businesses out there doing precisely this for particular nations and I’ve operated in a service or numerous organizations doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we do not need to and anyone that’s dealing with 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 quantity that we are I believe numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs changing however ultimately people are really stuck to what they’re familiar

with ideal um modification is a hard thing all of us don’t like modification 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 stuff um I understand obviously the advantages of having keeping several checking account however there’s a huge amount of complexity chooses establishing a bank account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is substantial however I believe the honest answer is modification um people have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you understand 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 benefits and the possibilities of moving 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 method does pose a number of challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Ireland