Https Join.Me Kellyfinn.Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Https Join.Me Kellyfinn.Papaya Global… roles on the provider side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another number 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 fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type 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 gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business preserve separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll also review a wrap-up which should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and managing them ends up being more and more complicated Worldwide companies are aiming to find Solutions and new ways to improve processes specifically from a payroll and cross-border payment standpoint numerous companies maintain different savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain different savings account in some cases in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business simplify the episode complex procedures of

making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they add additional complexity the international Labor force is presently three 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 presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there’s frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or really extremely standard there’s no real consistency framework we’re living in a period of tech however 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 and that just blows my mind whenever I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international businesses have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the information is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be consisted of right and what does

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it require to be thought of there’s varying Bank details 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 need to pay from the client’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely fundamental and innovation is enabling us to sort of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever 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 sort of the level of complexity there’s more and more advantages being organ or being used by businesses across the world so again you’re just seeking to add more and more payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine tough kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any business has from an expense viewpoint from an effect viewpoint 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 most significant detrimental impact on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been surprised entering into this Market kind of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but 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 definitely crucial that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is a terrific initial step um offering an end-to-end payroll solution for your workers globally once again I think is another huge um process once again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of services and reducing the number of tools platforms and savings account they need for their Global 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 have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks

anyway we understand how how important a function 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 everybody that’s associated with those processes and likewise so imagine sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of try to return to everybody so moving on appearance why do business choose to primary different bank accounts there are Https Join.Me Kellyfinn.Papaya Global companies out there doing precisely this for particular countries and I have actually worked in an organization or numerous businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and anyone that’s handling 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 think many reasons one is it’s the standard I think people have 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 number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to type 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 but eventually people are very stuck to what they’re familiar

with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving several bank accounts but there’s a substantial quantity of intricacy goes with establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is substantial however I think the honest answer is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit 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 always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep an eye on and this technique does position several difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Https Join.Me Kellyfinn.Papaya Global