Papaya Global Professional Login FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Professional Login… functions on the supplier side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays 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 everybody originates from and I really 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 drizzling here it’s extremely really gloomy and I want I was somewhere else 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 difficulty years of managing Worldwide payroll why business keep separate

Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially helpful for global organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most notably regulations compliance information security and banking rules then there are the large numbers they include more complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming number of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or really extremely fundamental there’s no real consistency framework we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I think

about it to give 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 offers me sleep deprived nights and quite honestly the more a service invests in global payroll the less of an image they see a lack of presence also extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of global organizations have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the information is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be consisted of ideal and what does

it need to be thought about 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if but some infants 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to sort of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance teams work better together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being increasingly more important to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being used by companies throughout the world so again you’re simply looking to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine challenges or real tough type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age 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 requires to be agreed and rightly as you said payroll is the single most significant liability that any company has from a cost point of view from an effect perspective on staff members it is absolutely critical 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 have to be done right it has the most significant damaging result on individuals’s wellness and many other factors if people aren’t paid uh I’ve constantly been astonished entering into this Market sort of the last 5 to ten years is how little thanks the

payroll team get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the first International Payments very first payroll payment service is a terrific initial step um providing an end-to-end payroll solution for your employees globally once again I believe is another huge um procedure again aligning and ensuring you have standardization International procedures all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks

anyway 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 easy as possible for everybody that’s associated with those processes and also so picture sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean 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 look through them and actually see what was going on and type of try to return to everyone so proceeding look why do companies pick to main different savings account there are Papaya Global Professional Login businesses out there doing precisely this for specific countries and I’ve worked in an organization or many organizations doing precisely that I can state it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not need to and anybody that’s handling 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 quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have actually got so used to we need a brand-new savings 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 simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs altering however eventually individuals are extremely stuck to what they’re familiar

with ideal um change is a difficult thing all of us don’t like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having keeping numerous checking account but there’s a big quantity of complexity opts for setting up a savings account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is substantial however I think the honest response is modification um individuals have not had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to keep track of and this approach does position a number of challenges um so Johnny might you inform us about those challenges 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 feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Professional Login