Papaya Global Papaya Globalhelp Centre FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Papaya Globalhelp Centre… functions on the service provider side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly 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 really very uninspiring and I wish I was somewhere else 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 looking at the difficulty years of handling Worldwide payroll why companies maintain different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up which ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them becomes a growing number of intricate Global organizations are looking to discover Solutions and new methods to improve procedures especially from a payroll and cross-border payment perspective numerous organizations keep separate checking account just for payroll while some have multiple accounts in various countries does it make good sense for business to keep separate checking account sometimes in different nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex procedures of

Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a troublesome task into a strategic asset.

Managing payroll internationally is an overwhelming task due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The large variety of workers and services contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.

Conventional payroll systems frequently result in manual processes, data silos, and an absence of integration, causing inconsistencies and inadequacies. Regardless of living in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a service spends on international payroll the less of a photo they see a lack of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of international services have actually revealed 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 data entry errors poorly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the typical cost of a global 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 don’t run smoothly if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does

it need to be thought about 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 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 consumer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry 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 individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by businesses throughout the world so once again you’re just aiming to add more and more payments to this currently complicated landscape so if you type 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 difficulties or real tough type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from a cost point of view from an effect viewpoint on employees it is absolutely important that it’s done correctly 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 biggest damaging impact on people’s well-being and many other aspects if individuals aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m uncertain anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout 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 things is absolutely essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is an excellent primary step um offering an end-to-end payroll option for your staff members internationally once again I think is another big um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and decreasing the variety of tools platforms and checking account they require for their Global 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks

anyway we know how how crucial 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 envision sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and sort of shot to return to everybody so moving on look why do companies select to primary different checking account there are Papaya Global Papaya Globalhelp Centre organizations out there doing precisely this for particular nations and I have actually operated in a company or lots of organizations doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing extra work for any person where we do not have to and anybody that’s handling 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 quantity that we are I think lots of reasons one is it’s the requirement I think individuals have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that people 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 procedure that requires taking a look at it needs changing however eventually people are very stuck to what they’re familiar

with best um modification is a hard thing we all do not like change um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining several checking account however there’s a substantial quantity of complexity chooses establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is big but I think the honest response is modification um individuals have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or two there is a lot to monitor and this technique does present a number of obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I just did you changed our Business 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 Global employees you are worthy of a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Papaya Globalhelp Centre