Papaya Global50 And Papaya Global Course Edinburgh FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global50 And Papaya Global Course Edinburgh… roles on the supplier side and also on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two 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 interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really 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 very really bleak and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a recap and that should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and managing them ends up being more and more complicated Worldwide organizations are aiming to find Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment perspective many organizations maintain different bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve different checking account often in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business enhance the episode complex processes of

making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they add additional complexity the international Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s frequently a frustrating variety of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very really standard there’s no real consistency structure we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I think

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of international businesses have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors badly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t require to be consisted of ideal and what does

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 nation there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if but some infants 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 definitely essential and innovation is allowing us to sort of move forward with that it also also to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely essential that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 often 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more important to add to type of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so once again you’re just looking to include a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single most significant liability that any business has from a cost viewpoint from an effect perspective on workers it is definitely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive impact on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been impressed entering this Market type of the last five to 10 years is how little thanks the

payroll team get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is an excellent first step um supplying an end-to-end payroll option for your workers globally once again I think is another huge um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and minimizing the number of tools platforms and checking account they need for their Global 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 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 meant to be um I do not believe any of us are in fact doing that for for the thanks

anyway we know how how important 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 easy as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na state envision 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 talking about hundreds of thousands possibly Millions envision 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 certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and sort of try to return to everyone so moving on look why do business pick to main different savings account there are Papaya Global50 And Papaya Global Course Edinburgh services out there doing precisely this for specific countries and I have actually worked in a company or numerous companies doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many reasons one is it’s the standard I believe individuals have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it requires altering but ultimately people are really stuck to what they’re familiar

with best um modification is a tough thing all of us don’t like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving several checking account but there’s a big amount of complexity opts for setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is huge but I think the honest response is change um individuals have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to track and this approach does present a number of difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global50 And Papaya Global Course Edinburgh