Papaya Global Payslips Portal FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Payslips Portal… roles on the company side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting 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 everyone originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and managing them becomes increasingly more complicated International organizations are looking to discover Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment perspective lots of organizations maintain different savings account just for payroll while some have several accounts in various countries does it make sense for business to keep separate savings account often in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies simplify the episode complex procedures of

Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and find how improving international payroll payments can transform them from a burdensome job into a strategic possession.

Managing payroll internationally is a difficult task due to different policies, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and services contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.

Conventional payroll systems often lead to manual procedures, data silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Despite living in an age of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to supply insights and services to streamline and optimize global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide organizations have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors improperly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is shipped to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be included best and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it need to be thought of there’s varying 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they are like extremely payments no if however some children 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 absolutely fundamental and innovation is enabling us to kind of move on with that it also as well to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate 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 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of crucial to add to sort of the level of complexity there’s a growing number of benefits being organ or being offered by services throughout the world so again you’re just seeking to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine challenging kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from an expense perspective from an impact perspective on employees it is definitely important that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive result on people’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been impressed entering this Market kind of the last 5 to ten years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only notice when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally as well. For that reason, it is essential to guarantee that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first Global Payments first payroll payment solution is an excellent preliminary action towards supplying a comprehensive payroll solution for employees worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and savings account required for worldwide payroll are essential factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.

anyhow we know 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting 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 look through them and actually see what was going on and kind of shot to return to everyone so moving on look why do business select to primary separate savings account there are Papaya Global Payslips Portal companies out there doing precisely this for particular nations and I’ve operated in an organization or many organizations doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not need to and anybody that’s dealing with 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 many factors one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs changing however eventually people are really stuck to what they’re familiar

with right um change is a difficult thing all of us don’t like modification um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving numerous savings account but there’s a huge amount of complexity opts for setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is big but I think the truthful answer is modification um individuals have not had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we have actually always 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 almost be identified to be the next Century or so there is a lot to track and this approach does position several obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so

I just 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 deserve a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payslips Portal