Papaya Global Maintain Year To Date Information FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Maintain Year To Date Information… roles on the service provider side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everyone 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 type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very dreary and I wish I was elsewhere 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 difficulty years of handling Global payroll why companies preserve separate

Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank 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 hard in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they include more complexity the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals 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 worldwide in the traditional payroll model there’s typically an overwhelming number of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or very very standard there’s no genuine consistency structure we’re residing in an age of tech but payroll has 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 simply blows my mind every time I I think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of an image they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of global services have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes badly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the information is delivered to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they count on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be consisted of ideal and what does

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it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like incredibly payments no if however some children 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 absolutely fundamental and technology is enabling us to sort of progress with that it likewise too to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide 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 people anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more essential to add to kind of the level of intricacy there’s more and more advantages being organ or being provided by services across the world so again you’re simply wanting to add more and more payments to this currently complex landscape so if you kind 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 real challenges or genuine challenging kind of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single most significant liability that any organization has from an expense viewpoint from an effect viewpoint on workers it is absolutely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging effect on people’s well-being and numerous other aspects if people aren’t paid uh I have actually always been surprised coming into this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise 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 crucial that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is a terrific first step um supplying an end-to-end payroll service for your staff members globally once again I think is another substantial um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of services and decreasing the variety of tools platforms and savings account 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks

anyway we understand how how crucial 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 envision sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job 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 need days of the week to try to check out them and actually see what was going on and kind of try to return to everyone so proceeding appearance why do companies select to main separate bank accounts there are Papaya Global Maintain Year To Date Information companies out there doing precisely this for specific countries and I’ve operated in a company or many organizations doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anyone that’s handling 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 standard I think individuals have got so utilized to we require a brand-new savings account we open an entity and appropriately 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 standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires changing however ultimately individuals are extremely stuck with what they recognize

with best um change is a difficult thing all of us do not like change um so I believe it’s simply sort of moving far 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 but there’s a huge quantity of complexity opts for establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big but I believe the truthful answer is change um people haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or two there is a lot to track and this technique does present a number of challenges um so Johnny might you tell us about those difficulties yeah obviously 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 staff members you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Maintain Year To Date Information