Papaya Global Putting In Half Hour FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Putting In Half Hour… roles on the company side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite 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 all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just 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 is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we’ll likewise go over a recap which ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more common and managing them becomes a growing number of intricate Global organizations are looking to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment viewpoint many companies preserve different bank account just for payroll while some have several accounts in various nations does it make good sense for companies to keep different savings account sometimes in different nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies simplify the episode complex procedures of

making payroll payments accurately effectively safely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most importantly policies compliance information security and banking rules then there are the sheer numbers they add further complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll design there’s typically a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really very standard there’s no real consistency framework we’re living in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in international payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global businesses have actually expressed that they do not 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 poor HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system configurations and then when you round everything off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the required several 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 challenges business face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be consisted of right and what does

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it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is definitely important but all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link 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 technology is permitting us to sort of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the

The contemporary world positions a high worth on wellness and the settlement landscape is becoming progressively intricate. Services are constantly presenting new benefits and payment alternatives, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today’s highly innovative era, there’s no justification for keeping cumbersome procedures. Payroll, the business’s biggest expense, need to be processed properly and on time. Even slight hold-ups can adversely impact staff members’ wellness and have far-reaching effects. For that reason, it’s important to prioritize precise and timely payments.

payroll team get um so I’m not exactly sure anybody on this type of webinar has 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 staff members or not um however eventually payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a great primary step um offering an end-to-end payroll option for your employees globally once again I think is another huge um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of businesses and minimizing the number of tools platforms and bank accounts they need for their Worldwide 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 have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks

anyway we know how how important a function 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 procedures and also so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t picture 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 actually see what was going on and type of try to get back to everybody so carrying on look why do companies choose to primary different bank accounts there are Papaya Global Putting In Half Hour companies out there doing precisely this for particular countries and I’ve worked in a business or numerous organizations doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for any person where we do not have to and any person that’s managing that procedure 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 numerous factors one is it’s the requirement I believe people have got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I think this is a process that needs looking at it needs altering however eventually individuals are very stuck to what they recognize

with right um modification is a hard thing all of us do not like modification um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping numerous bank accounts however there’s a big amount of complexity goes with setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is big however I think the sincere response is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine reason for not looking 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 technique does present a number of obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so

I recently made a modification to our Business 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 gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Putting In Half Hour