Papaya Global Sosu FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Sosu… functions on the provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well among 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 intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it remains 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 uninspiring and I wish I was somewhere else at this moment in time fine 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 handling International payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll also go over a wrap-up and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and managing them ends up being more and more intricate Global organizations are wanting to discover Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment viewpoint many organizations keep separate savings account just for payroll while some have numerous accounts in different countries does it make sense for companies to maintain separate bank accounts in some cases in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business improve the episode complex procedures of

Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can change them from a challenging task into a strategic possession.

Managing payroll globally is an overwhelming task due to various policies, compliance requirements, data security issues, and banking guidelines. The large variety of employees and companies contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems often lead to manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Despite living in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and optimize worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in global payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of global services have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the needed numerous processes 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 constantly toss this back and say what is it what doesn’t require to be consisted of best and what does

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

it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 wherever you look right ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they are like super 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 between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to kind of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world places a high value on well-being and the settlement landscape is becoming progressively detailed. Businesses are continuously introducing brand-new advantages and payment alternatives, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s highly sophisticated period, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s biggest expense, must be processed correctly and on time. Even minor hold-ups can negatively impact employees’ wellness and have far-reaching consequences. For that reason, it’s crucial to focus on precise and timely payments.

payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been informed 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 all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is a terrific primary step um supplying an end-to-end payroll service for your workers internationally once again I think is another big um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of companies and reducing the number of tools platforms and checking account they require for their Worldwide 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 anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks

anyhow we know how how essential 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 simple as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was simply gon na say think of 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 discussing numerous thousands possibly Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean up 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 check out them and really see what was going on and type of shot to get back to everybody so carrying on look why do companies pick to main separate savings account there are Papaya Global Sosu companies out there doing exactly this for particular countries and I have actually worked in a business or lots of organizations doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I believe individuals have got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted 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 lots of other ways um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it requires altering however eventually people are extremely stuck to what they recognize

with ideal um change is a tough thing we all don’t like change um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining multiple savings account however there’s a substantial amount of complexity chooses setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge however I think the honest response is change um people have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter 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 understand what could almost be figured out to be the next Century or two there is a lot to monitor and this technique does posture a number of challenges um so Johnny could you inform us about those obstacles yeah naturally 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 gotten another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Sosu