Papaya Global Online Timesheets FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Online Timesheets… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually eagerly 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 number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually 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 extremely bleak and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also review a wrap-up and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and handling them ends up being a growing number of complicated International organizations are wanting to discover Solutions and brand-new methods to streamline procedures particularly from a payroll and cross-border payment perspective many companies maintain separate checking account just for payroll while some have multiple accounts in different nations does it make sense for business to maintain separate savings account in some cases in various countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies simplify the episode complex procedures of

making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they add additional intricacy the worldwide Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll design there’s frequently a frustrating number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely basic there’s no real consistency structure we’re living in a period of tech but payroll has actually been slow 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 provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on global payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international companies have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they rely on the essential numerous procedures 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 paying to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does

it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more crucial to add to kind of the level of complexity there’s more and more advantages being organ or being offered by businesses throughout the world so once again you’re just looking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or real difficult kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely say that the bigger a service 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 teams feeding info into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age 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 concurred and rightly as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an effect point of view 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 have to be done right it has the biggest destructive impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been amazed entering this Market kind of the last five to ten years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only notice when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. For that reason, it is important to ensure that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment service is a terrific preliminary action towards offering a comprehensive payroll option for staff members worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and checking account needed for global payroll are crucial factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.

anyway we understand 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 everybody that’s associated with those procedures and also so picture sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and type of shot to get back to everybody so moving on look why do business pick to primary different checking account there are Papaya Global Online Timesheets companies out there doing precisely this for specific countries and I have actually operated in a company or lots of organizations doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and any person 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 think many reasons one is it’s the requirement I believe people have actually got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires changing however ultimately individuals are extremely stuck to what they’re familiar

with ideal um change is a tough thing all of us do not like modification um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping multiple savings account but there’s a huge quantity of intricacy goes with establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is huge but I think the truthful answer is change um people haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this approach does pose a number of obstacles um so Johnny could you inform us about those challenges 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Online Timesheets