Youtube Papaya Global Holiday Entitlement FAQ – Payroll Management 2024

Over the last 5 or six years …Youtube Papaya Global Holiday Entitlement… roles on the supplier side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 extremely very uninspiring and I wish I was elsewhere at this moment in time all right 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 maintain different

Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most importantly guidelines compliance data security and banking guidelines then there are the large numbers they include more complexity the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s often a frustrating number of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or very really fundamental there’s no real consistency structure we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global services have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend 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 requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t require to be consisted of best and what does

it require to be thought about there’s varying Bank information 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 customer’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like incredibly payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling 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 varying Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work better together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more crucial to add to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by businesses across the world so again you’re just looking to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or genuine difficult sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would certainly say that the bigger an organization 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 information into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an effect perspective on workers it is absolutely critical 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 most significant destructive result on individuals’s well-being and many other factors if individuals aren’t paid uh I have actually always been astonished entering this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe 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 stuff is definitely essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a great primary step um offering an end-to-end payroll option for your staff members internationally once again I think is another substantial um procedure again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of services and lowering the variety of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks

anyhow 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 everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly 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 was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to return to everyone so carrying on look why do business select to primary different bank accounts there are Youtube Papaya Global Holiday Entitlement organizations out there doing exactly this for particular countries and I’ve worked in an organization or many organizations doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for any person where we do not need to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think people have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked 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 needs taking a look at it requires changing however eventually individuals are very stuck with what they recognize

with best um change is a difficult thing we all don’t like modification 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 great deal of track of things um I comprehend certainly the benefits of having maintaining numerous savings account but there’s a huge amount of complexity goes with establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big but I think the sincere response is change um people have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or so there is a lot to track and this technique does present numerous challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so

I recently made a modification to our Enterprise 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 acquired another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Youtube Papaya Global Holiday Entitlement