Papaya Global Payroll Price FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Payroll Price… functions on the service provider side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly 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 drizzling here it’s really really uninspiring and I want I was somewhere else at this moment in time alright so let’s get started 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 keep different

Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Making sure precise, effective, and prompt payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and find how improving international payroll payments can transform them from a difficult job into a tactical property.

Managing payroll worldwide is a challenging job due to various policies, compliance requirements, information security issues, and banking rules. The large number of employees and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.

Conventional payroll systems frequently result in manual processes, information silos, and an absence of integration, leading to disparities and inefficiencies. Regardless of residing in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to provide insights and services to simplify 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 services say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on international payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global services have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the needed several 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 obstacles company face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be consisted of best and what does

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it require 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 time frames there’s payment abilities 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 complexity any place you look best ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to sort of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely crucial that payroll and finance groups work closer together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of important to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by companies throughout the world so once again you’re just wanting to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or real challenging sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams 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 doesn’t necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single most significant liability that any organization has from an expense viewpoint from an effect viewpoint on workers it is absolutely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest detrimental impact on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m unsure anybody on this sort 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 but eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is a fantastic first step um providing an end-to-end payroll solution for your workers globally once again I believe is another substantial um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of organizations and reducing the variety of tools platforms and checking account they require 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 have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks

anyhow we understand how how important 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 everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and type of try to get back to everybody so moving on look why do companies choose to primary different bank accounts there are Papaya Global Payroll Price businesses out there doing exactly this for specific nations and I have actually operated in a service or many companies doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I think people have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it needs altering but eventually individuals are very stuck with what they’re familiar

with ideal um modification is a tough thing all of us do not like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping numerous bank accounts but there’s a substantial amount of complexity opts for setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is huge but I believe the honest response is modification um individuals haven’t had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve 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 understand what could nearly be figured out to be the next Century or two there is a lot to monitor and this technique does present numerous difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Payroll Price