Papaya Global Next Day Payroll FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Next Day Payroll… roles on the company side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really 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 drizzling here it’s really very bleak and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve separate

Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most notably regulations compliance data security and banking rules then there are the large numbers they include additional complexity the international Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s often a frustrating number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or very extremely basic there’s no real 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 frequently with pen and paper which just blows my mind whenever I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in international payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of international organizations have actually expressed that they don’t 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 bad HCM data data entry errors poorly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they rely on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be included right and what does

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it need to be considered there’s varying 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 capabilities 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 customer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they are like super payments no if however some babies 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 absolutely essential and innovation is permitting us to type of move forward with that it also as well to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high worth on well-being and the payment landscape is ending up being increasingly detailed. Organizations are continually presenting new benefits and payment choices, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technically sophisticated period, there’s no validation for keeping cumbersome procedures. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even slight delays can negatively affect workers’ well-being and have far-reaching effects. Therefore, it’s important to focus on precise and prompt payments.

payroll team get um so I’m uncertain anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great 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 hear about it when it goes wrong everyone 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent initial step um providing an end-to-end payroll option for your workers internationally once again I think is another big um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of services and reducing the number of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks

anyhow 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 involved in those procedures and also so think of sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of shot to get back to everybody so proceeding appearance why do business choose to main different savings account there are Papaya Global Next Day Payroll services out there doing exactly this for specific countries and I’ve worked in a business or lots of organizations doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think 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 believe people have got so utilized to we need a brand-new savings account we open an entity and rightly so you need 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 requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs looking at it requires changing but ultimately individuals are really stuck to what they recognize

with best um modification is a challenging thing we all don’t like change um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving multiple checking account however there’s a substantial amount of complexity chooses establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is substantial however I think the sincere response is change um people have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or two there is a lot to keep track of and this approach does position numerous obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Next Day Payroll