Papaya Global Leaver Processing FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Leaver Processing… roles on the service provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly 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 raining here it’s extremely really bleak and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep separate

Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also offer a recap of the bottom lines 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 stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Labor force is currently three 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 organizations and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating variety of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely very fundamental there’s no real consistency framework we’re living in an era 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 often with pen and paper which simply blows my mind each time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a business spends on international payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of international services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors poorly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect place the typical cost 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 all over the world payroll and payments don’t run smoothly if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be included ideal and what does

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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 amount of time 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 customer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 basic and technology is permitting us to type of move on with that it also also to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals say I’ve divided 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 typically 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world places a high value on wellness and the settlement landscape is becoming progressively intricate. Businesses are continuously presenting new benefits and payment options, which contributes to the overall complexity. Large corporations typically divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technologically advanced era, there’s no validation for maintaining cumbersome procedures. Payroll, the business’s most significant expense, need to be processed properly and on time. Even minor delays can adversely impact workers’ well-being and have far-reaching consequences. Therefore, it’s critical to focus on precise and timely payments.

The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only observe when things go wrong. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. For that reason, it is vital to ensure that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the first Worldwide Payments first payroll payment solution is a terrific preliminary step towards providing a comprehensive payroll service for workers worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and savings account needed for international payroll are crucial consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as planned. Ultimately, we don’t do it for the appreciation.

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 everyone that’s involved in those processes and likewise so picture sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t think of 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 in fact see what was going on and sort of shot to return to everybody so proceeding look why do companies pick to main separate savings account there are Papaya Global Leaver Processing organizations out there doing exactly this for particular countries and I’ve operated in an organization or lots of organizations doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe 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 got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted 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 lots of other methods um to to sort of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing but eventually people are very stuck to what they recognize

with best um modification is a tough thing we all don’t like modification um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining numerous checking account but there’s a big quantity of complexity goes with establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is big however I believe the truthful response is modification um individuals have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking 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 constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to keep track of and this technique does pose numerous difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so

I just did you changed our Enterprise 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 Worldwide employees you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Leaver Processing