Reinstall Papaya Global Looks For Existing Install FAQ – Payroll Management 2024

Over the last five or six years …Reinstall Papaya Global Looks For Existing Install… roles on the provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating 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 approximately 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 fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually 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 drizzling here it’s really extremely bleak and I want I was elsewhere 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 obstacle years of managing Worldwide payroll why companies preserve different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also discuss a recap which ought to leave his time at the very 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 Worldwide workforces become increasingly more common and handling them becomes more and more complex Worldwide companies are wanting to discover Solutions and new ways to simplify processes especially from a payroll and cross-border payment standpoint many companies keep different savings account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate checking account in some cases in various countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies streamline the episode complex processes of

making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add more complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s frequently a frustrating variety of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really very standard there’s no real consistency structure we’re residing in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of global businesses have revealed 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 because of time reporting poor HCM data information entry errors improperly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be consisted of best and what does

it require to be thought of 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 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 fundamental and innovation is allowing us to type of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely important that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of important to add to type of the level of complexity there’s more and more advantages being organ or being provided by services across the world so once again you’re simply looking to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or real tough kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams 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 does not necessarily need to be the case you know 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 efficient and they do not make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from an expense perspective from an impact viewpoint on employees it is absolutely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on people’s well-being and many other aspects if people aren’t paid uh I have actually constantly been impressed entering into this Market sort of the last 5 to 10 years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the first Global Payments first payroll payment option is a terrific initial action towards offering a comprehensive payroll solution for staff members worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and checking account necessary for international payroll are key consider accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as prepared. Eventually, we do not do it for the gratitude.

anyhow we know how how essential a role it is and that’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 likewise so envision sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of try to get back to everybody so proceeding appearance why do business pick to main separate bank accounts there are Reinstall Papaya Global Looks For Existing Install businesses out there doing precisely this for particular nations and I’ve worked in a business or lots of companies doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not have to and any person that’s dealing with 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 lots of 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 need 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 the people have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a process that requires looking at it needs changing however eventually people are very stuck to what they’re familiar

with best um change is a hard thing we all don’t like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining several savings account however there’s a substantial amount of intricacy chooses establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is huge but I believe the truthful answer is modification um people haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century or two there is a lot to monitor and this approach does present several challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers 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 Reinstall Papaya Global Looks For Existing Install