Papaya Global Payroll Provider FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Payroll Provider… functions on the supplier side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join we all 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 just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 really dreary and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies maintain separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a recap and that ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and handling them ends up being a growing number of complicated Worldwide organizations are seeking to find Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment viewpoint numerous companies preserve separate savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to keep different bank accounts in some cases in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business simplify the episode complex procedures of

Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and find how enhancing international payroll payments can change them from a burdensome task into a tactical possession.

Managing payroll internationally is an overwhelming task due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million companies worldwide.

Traditional payroll systems frequently result in manual procedures, data silos, and an absence of combination, leading to inconsistencies and inefficiencies. In spite of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and solutions to simplify and optimize worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in worldwide payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of global companies have revealed that they don’t 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 poor HCM data data entry errors poorly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be included best 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 country there’s payment amount of time 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 client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely critical however all over 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 take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of progress with that it also as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high value on well-being and the settlement landscape is becoming significantly elaborate. Businesses are continuously introducing brand-new advantages and payment choices, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s technologically advanced period, there’s no justification for maintaining troublesome procedures. Payroll, the business’s biggest expenditure, need to be processed properly and on time. Even minor delays can negatively affect staff members’ well-being and have far-reaching effects. For that reason, it’s important to focus on accurate and prompt payments.

payroll group get um so I’m unsure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is a great initial step um supplying an end-to-end payroll service for your staff members worldwide once again I believe is another huge um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of organizations and decreasing the number of tools platforms and checking account they need for their Global 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’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks

anyhow we know how how important 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 easy as possible for everyone that’s involved in those processes and likewise so envision sorry I’m simply I was just 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 make sure we’re talking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate 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 absolutely 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 appearance why do companies choose to main separate savings account there are Papaya Global Payroll Provider organizations out there doing precisely this for specific countries and I have actually worked in a service or many services doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a process that needs looking at it requires altering but ultimately people are very stuck with what they’re familiar

with right um modification is a tough thing we all do not like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving multiple bank accounts but there’s a big quantity of complexity goes with establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is substantial however I think the honest 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 aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to monitor and this approach does position a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I simply 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 are worthy of a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Provider