Papaya Global U.S. Virgin Islands FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global U.S. Virgin Islands… roles on the provider side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing 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 everybody originates from and I truly 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 really gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep separate

Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.

Ensuring precise, effective, and prompt payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to enhance working capital, and discover how streamlining international payroll payments can change them from a challenging job into a tactical asset.

Handling payroll globally is a challenging job due to different guidelines, compliance requirements, information security concerns, and banking rules. The sheer number of workers and companies adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems typically lead to manual processes, information silos, and a lack of integration, leading to disparities and ineffectiveness. Despite residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to offer insights and options to streamline and enhance worldwide payroll payments.

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 data in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of a photo they see a lack of exposure also extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international businesses have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles 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 doesn’t require to be consisted of best and what does

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it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely payments no if but some children 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 recognition that payroll payments are absolutely essential and innovation is allowing us to sort of move forward with that it also too to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and finance groups work more detailed together than ever um I’m always amazed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split 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 eventually 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 also paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high worth on well-being and the payment landscape is ending up being progressively intricate. Services are continuously introducing brand-new advantages and payment alternatives, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s technologically sophisticated era, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s most significant cost, should be processed properly and on time. Even small hold-ups can negatively impact workers’ well-being and have far-reaching repercussions. For that reason, it’s important to focus on accurate and prompt payments.

payroll group get um so I’m not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the first Global Payments first payroll payment service is a great primary step um supplying an end-to-end payroll service for your workers globally once again I believe is another huge um procedure again aligning and ensuring you have standardization International processes all of those things are definitely essential to success success of businesses and reducing the variety of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not think any of us are actually doing that for for the thanks

anyhow 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 associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na state think of 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 speaking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of shot to return to everybody so moving on look why do companies pick to main different savings account there are Papaya Global U.S. Virgin Islands companies out there doing exactly this for particular nations and I have actually worked in a service or many businesses doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and anyone that’s managing that process 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 believe lots of reasons one is it’s the standard I think individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing but eventually individuals are extremely stuck to what they’re familiar

with best um change is a challenging thing we all don’t like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping numerous checking account however there’s a huge amount of complexity goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is huge but I think the honest response is change um individuals have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or so there is a lot to track and this approach does pose numerous difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so

I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global U.S. Virgin Islands