Papaya Global Latest Version FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Latest Version… roles on the provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everyone another number 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 quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly 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 raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business preserve separate

Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they include additional intricacy the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies 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 processes and silos the variety of Integrations could be non-existent in large quantities and or really very fundamental there’s no real consistency structure we’re living in an age of tech but 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 every time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes poorly communicated 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 shipped to the incorrect place the typical cost of a global 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 efficiently if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a great concern I always throw this back and state what is it what doesn’t need to be included right and what does

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

it need to be thought of there’s differing 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they are like 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to sort of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work better together than ever um I’m always amazed when people state I’ve split payroll and payment um if you walk down the street and asked anybody 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 an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of important to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being provided by services across the world so once again you’re just aiming to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine difficult kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of decades I would certainly state that the bigger a business 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 info into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run 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 a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an impact viewpoint on workers it is definitely vital 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 need to be done right it has the most significant destructive effect on people’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been amazed coming into this Market sort of the last 5 to ten years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. For that reason, it is essential to ensure that jobs like Wi-Fi International and other vital matters are done properly. Using the very first Global Payments very first payroll payment option is a fantastic preliminary step towards providing a comprehensive payroll option for employees worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and checking account required for global payroll are crucial factors in achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things do not go as planned. Ultimately, we don’t do it for the gratitude.

anyway we know how how essential 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 everybody that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everybody so proceeding look why do companies select to primary different checking account there are Papaya Global Latest Version organizations out there doing exactly this for specific nations and I’ve operated in an organization or numerous companies doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing additional work for any person where we do not have to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think people have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a process that requires looking at it requires changing however eventually individuals are really stuck to what they recognize

with ideal um change is a challenging thing all of us do not like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping numerous savings account however there’s a huge amount of complexity opts for establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is big but I believe the truthful answer is modification um individuals haven’t been able to change or haven’t had always the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to track and this method does position numerous obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so

I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Latest Version