Papaya Global Venezuela FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Venezuela… functions on the provider side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really bleak and I want I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies preserve different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll also discuss a wrap-up which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them ends up being a growing number of intricate Global companies are wanting to find Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint numerous organizations preserve different checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve separate bank accounts often in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies streamline the episode complex processes of

Making sure precise, efficient, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a burdensome task into a strategic possession.

Handling payroll globally is a complicated task due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The large number of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.

Standard payroll systems often result in manual procedures, information silos, and an absence of combination, resulting in disparities and ineffectiveness. In spite of living in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and services to streamline and optimize worldwide payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be consisted of best and what does

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it need to be thought about there’s differing Bank details 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is definitely critical however all over 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 sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to type of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation 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 data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more essential to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by services across the world so again you’re just wanting to include more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine tough kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single most significant liability that any company has from a cost viewpoint from an impact viewpoint on staff members it is absolutely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on individuals’s wellness and lots of other factors if individuals aren’t paid uh I’ve always been impressed entering this Market sort of the last five to ten years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi International and other essential matters are done correctly. Utilizing the first Global Payments first payroll payment service is a great initial action towards offering an extensive payroll option for workers worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and checking account needed for international payroll are crucial consider accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as prepared. Ultimately, we do not do it for the gratitude.

anyway we understand how how crucial a role 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 everybody that’s associated with those procedures and also so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everyone so proceeding appearance why do business select to main separate savings account there are Papaya Global Venezuela organizations out there doing precisely this for specific nations and I’ve operated in a service or many organizations doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the requirement I think people have got so utilized to we need a brand-new bank 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 requirement 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 lots of other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it needs altering however eventually people are really stuck with what they recognize

with ideal um change is a hard thing all of us do not like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving multiple savings account but there’s a huge amount of intricacy goes with establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is huge however I think the truthful response is modification um individuals have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to keep an eye on and this method does posture a number of challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so

I just recently made a modification 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 enhanced ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Venezuela