Papaya Global Payroll Timing FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Payroll Timing… functions on the supplier side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among 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 interesting and I can see it going on currently 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 definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business keep different

Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most notably regulations compliance information security and banking guidelines then there are the large numbers they add more complexity the global Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals 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 globe in the traditional payroll design there’s frequently a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or very extremely basic there’s no genuine consistency framework we’re residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often 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 only 11 of businesses say they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a company invests in global payroll the less of a photo they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of global organizations have actually revealed that they do not 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 bad HCM data information entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information 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 need to move the cash around the world payroll and payments don’t run efficiently if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be consisted of best and what does

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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 nation there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is absolutely crucial but all over 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 type 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 definitely fundamental and technology is allowing us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone 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 a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more crucial to contribute to type of the level of complexity there’s more and more advantages being organ or being provided by services across the world so once again you’re just seeking to include a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or real tough sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you understand 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 produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any service has from a cost viewpoint from an effect viewpoint on employees it is definitely crucial 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 need to be done right it has the most significant detrimental impact on people’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last five to 10 years is how little thanks the

The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just see when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. For that reason, it is vital to guarantee that jobs like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Global Payments first payroll payment solution is an excellent initial action towards supplying a comprehensive payroll option for employees worldwide. Standardization, global processes, and reducing the number of tools, platforms, and bank accounts essential for worldwide payroll are essential consider accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don’t go as prepared. Eventually, we don’t do it for the gratitude.

anyhow we understand how how important 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 imagine sorry I’m just I was just 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 make sure we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean 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 attempt to check out them and really see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies choose to main different savings account there are Papaya Global Payroll Timing companies out there doing exactly this for particular nations and I’ve worked in a business or lots of organizations doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing 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 believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe individuals have got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have 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 ways um to to type of do it so I think there’s a variety I think this is a process that requires looking at it requires altering but ultimately people are really stuck to what they recognize

with right um change is a challenging thing we all do not like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping several bank accounts however there’s a substantial quantity of intricacy chooses setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is big but I think the sincere response is modification um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or two there is a lot to keep an eye on and this method does pose numerous difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Payroll Timing