Upgrade Papaya Global Employees FAQ – Payroll Management 2024

Over the last 5 or 6 years …Upgrade Papaya Global Employees… functions on the company side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I wish I was elsewhere at this moment in time all right so let’s begin 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

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll likewise discuss a recap which should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and managing them ends up being a growing number of complicated International companies are wanting to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment viewpoint lots of organizations keep different savings account just for payroll while some have several accounts in various nations does it make sense for business to maintain different bank accounts often in different countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies streamline the episode complex procedures of

making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it’s approximated 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 businesses and growing all doing their own thing around the world in the traditional payroll design there’s typically an overwhelming variety of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or very really basic there’s no genuine consistency structure we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can result in compliance incidents 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 require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors badly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect location 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 cash around the world payroll and payments do not run smoothly if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to workers 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 ideal and what does

it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 anywhere you look ideal eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble super 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to sort of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately 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 however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more important to add to kind of the level of complexity there’s increasingly more advantages being organ or being used by businesses throughout the world so once again you’re just looking to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or genuine tough kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely state that the larger an organization 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single biggest liability that any business has from an expense perspective from an effect perspective on workers it is absolutely vital that it’s done correctly and on time so what we indicate 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 effect on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been astonished entering this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m uncertain anybody on this sort of webinar has 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 employees or not um however ultimately payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe 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 absolutely important that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a great initial step um providing an end-to-end payroll option for your employees internationally again I believe is another big um procedure again aligning and ensuring you have standardization International processes all of those things are absolutely crucial to success success of companies and minimizing the number of tools platforms and checking account they require for their Global 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 ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks

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 associated with those processes and likewise so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of try to return to everybody so moving on appearance why do companies pick to main different bank accounts there are Upgrade Papaya Global Employees organizations out there doing exactly this for specific countries and I have actually worked in a service or lots of services doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and anybody 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 believe lots of reasons one is it’s the standard I believe people have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions however 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 actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires altering but ultimately people are extremely stuck to what they’re familiar

with ideal um change is a hard thing all of us do not like change um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping numerous checking account however there’s a substantial amount of intricacy goes with establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is big however I think the honest response is modification um individuals have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe 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 excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century or two there is a lot to keep an eye on and this technique does position a number of obstacles um so Johnny might you tell us about those challenges 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 feels like our CFO has gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Upgrade Papaya Global Employees