Papaya Global Makes Running Payroll FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Makes Running Payroll… roles on the company side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 extremely extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also go over a wrap-up which needs to leave his time at the really really 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 become more and more common and handling them ends up being more and more complex Worldwide companies are aiming to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment standpoint many companies keep different checking account just for payroll while some have multiple accounts in various countries does it make sense for companies to keep separate bank accounts sometimes in various nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business simplify the episode complex processes of

Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to enhance working capital, and discover how improving global payroll payments can transform them from a difficult task into a strategic asset.

Handling payroll globally is a challenging task due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and services adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.

Conventional payroll systems often lead to manual processes, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Despite residing in an age of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and services to simplify and enhance international payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on global payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global services have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors improperly 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 wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they rely on the needed numerous processes 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 company face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be included ideal and what does

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it require 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 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 intricacy anywhere you look best eventually developing a knowledge base is absolutely vital but all over 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 look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to type of progress with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance teams work better together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 any place they are however also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more important to add to kind of the level of intricacy there’s more and more advantages being organ or being offered by companies across the world so again you’re simply looking to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or real challenging sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of decades I would certainly state that the larger a company 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 groups feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any company has from a cost perspective from an impact viewpoint on staff members it is definitely important that it’s done properly and on time so what we suggest 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 harmful result on individuals’s wellness and many other factors if individuals aren’t paid uh I’ve always been surprised entering into this Market kind of the last five to 10 years is how little thanks the

payroll team get um so I’m uncertain anybody on this kind of webinar has been told 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 eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise 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 things is absolutely vital that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is a terrific first step um providing an end-to-end payroll service for your staff members worldwide once again I believe is another huge um procedure again lining up and guaranteeing you have standardization International procedures all of those things are definitely key to success success of businesses and minimizing the number of tools platforms and savings account they need for their Worldwide payroll too couldn’t 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 expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks

anyway we know how how important 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 involved in those processes and also so think of sorry I’m simply I was just gon na say picture 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 discussing 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 absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and sort of shot to return to everybody so moving on appearance why do companies select to main different checking account there are Papaya Global Makes Running Payroll businesses out there doing exactly this for specific nations and I’ve worked in a business or lots of companies doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not 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 amount that we are I think lots of factors one is it’s the requirement I think individuals have got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it needs altering but ultimately people are extremely stuck with what they recognize

with ideal um change is a hard thing we all do not like modification um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having maintaining multiple bank accounts but there’s a substantial quantity of intricacy opts for setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is huge but I believe the honest answer is change um people haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding 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 technique does pose several difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so

I just recently made a modification to our Business 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 gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Makes Running Payroll