Vip Papaya Global Courses FAQ – Payroll Management 2024

Over the last 5 or six years …Vip Papaya Global Courses… functions on the supplier side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely bleak and I want 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 taking a look at the obstacle years of managing Global payroll why companies preserve different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll also review a wrap-up and that needs to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more typical and handling them becomes a growing number of complex Worldwide companies are seeking to find Solutions and new methods to improve processes especially from a payroll and cross-border payment standpoint lots of organizations maintain separate bank account just for payroll while some have several accounts in different nations does it make good sense for companies to preserve separate bank accounts sometimes in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies streamline the episode complex procedures of

making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most significantly guidelines compliance information security and banking guidelines then there are the large numbers they include additional intricacy the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there’s typically an overwhelming variety of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely really basic there’s no real consistency framework 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 just blows my mind every time I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a company invests in international 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 mishaps in the last mile of the deal almost half of international companies have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately interacted hires and terminations as well as lack management and system setups and after that when you round it all off and the information is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be consisted of best 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 time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m always impressed when people say 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 profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more crucial to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being provided by services throughout the world so once again you’re just aiming to add more and more 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 genuine obstacles or genuine challenging sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost viewpoint from an effect point of view on workers it is absolutely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on people’s wellness and lots of other elements if people aren’t paid uh I’ve always been surprised coming into this Market type of the last five to ten years is how little thanks the

The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just discover when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally as well. For that reason, it is necessary to make sure that jobs like Wi-Fi International and other essential matters are done correctly. Using the first International Payments first payroll payment solution is a great preliminary step towards offering a detailed payroll solution for employees worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and savings account needed for worldwide payroll are essential factors in attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the gratitude.

anyhow we know 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 everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that lots of 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 job trying to clean all those up for sure oh definitely 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 actually see what was going on and kind of try to return to everyone so proceeding appearance why do business choose to main separate bank accounts there are Vip Papaya Global Courses businesses out there doing precisely this for particular nations and I’ve operated in a business or lots of businesses doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not need to and anyone that’s managing 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 quantity that we are I believe lots of factors one is it’s the requirement I think people have actually got so used to we require a new bank account we open an entity and appropriately 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 standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a process that needs looking at it needs changing but ultimately individuals are extremely stuck to what they recognize

with best um change is a difficult thing we all do not like modification um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining numerous savings account however there’s a huge quantity of complexity goes with setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is substantial but I believe the truthful answer is modification um people have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this approach does present several obstacles 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 changed our Enterprise 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 Worldwide employees you are worthy of a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Vip Papaya Global Courses