Papaya Global Payroll Holiday Pay FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Payroll Holiday Pay… functions on the supplier side and also on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually 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 extremely very uninspiring and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also review a wrap-up and that needs to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and managing them ends up being a growing number of complicated Worldwide companies are wanting to discover Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of organizations preserve separate bank account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep different savings account often in different nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies improve the episode complex procedures of

making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most significantly policies compliance information security and banking rules then there are the large numbers they include additional intricacy the worldwide Workforce is presently three and a half billion individuals 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 companies and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating variety of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or really really basic there’s no real consistency framework we’re residing in a period of tech however payroll has 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 every time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance mishaps 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 desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes badly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count on the required numerous processes 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 difficulties service face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of ideal and what does

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it need to be thought about there’s differing 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 any place you look best eventually constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to type of move on with that it also also to contribute to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work closer together than ever um I’m always surprised when individuals state I’ve divided 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 an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more important to add to kind of the level of complexity there’s increasingly more benefits being organ or being offered by services across the world so once again you’re just wanting to add more and more payments to this currently complicated landscape so if you sort 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 challenges or real challenging kind of pay uses to play to pay people I think yeah I mean over the last well yeah a number of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an impact perspective on workers it is definitely crucial 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 harmful effect on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been amazed entering into this Market kind of the last five to 10 years is how little thanks the

The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. For that reason, it is essential to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first Global Payments very first payroll payment solution is a great initial action towards providing a comprehensive payroll option for workers worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and checking account needed for international payroll are crucial factors in achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as planned. Eventually, we don’t do it for the thankfulness.

anyway we understand how how essential a function 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 likewise so envision sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh absolutely I can’t imagine 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 kind of shot to get back to everybody so moving on appearance why do companies choose to main separate savings account there are Papaya Global Payroll Holiday Pay companies out there doing exactly this for specific nations and I’ve operated in an organization or numerous organizations doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we don’t need to and any person that’s handling that process 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 numerous reasons one is it’s the requirement I believe individuals have got so utilized to we require a brand-new savings 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 simply been the requirement and the standard 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 numerous other ways um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it requires altering however eventually individuals are extremely stuck with what they’re familiar

with ideal um change is a tough thing all of us don’t like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving multiple savings account but there’s a big quantity of complexity chooses establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is substantial but I believe the sincere response is change um people have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep track of and this approach does posture a number of difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so

I just did you switched 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 International workers you should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Holiday Pay