Https Papaya Global.Zendesk.Com Agent Tickets 31570 FAQ – Payroll Management 2024

Over the last 5 or six years …Https Papaya Global.Zendesk.Com Agent Tickets 31570… functions on the supplier side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well among 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 quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly 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 raining here it’s really very bleak and I want I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we’ll likewise discuss a recap and that should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and handling them ends up being more and more intricate Global organizations are looking to discover Solutions and new methods to simplify processes particularly from a payroll and cross-border payment perspective lots of companies maintain separate savings account just for payroll while some have several accounts in various nations does it make good sense for companies to maintain separate savings account in some cases in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies simplify the episode complex procedures of

making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance data security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Labor force 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 individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll design there’s frequently a frustrating number of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or really very fundamental there’s no genuine consistency structure we’re living 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 typically with pen and paper which simply blows my mind whenever I I think

about it to offer you an idea 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 gives me sleepless nights and quite honestly the more an organization spends on global payroll the less of an image they see an absence of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international businesses have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and say what is it what does not require to be included ideal and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it need 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 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 have to pay from the client’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is absolutely 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 kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to type of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I’m constantly astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more important to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by companies across the world so again you’re simply seeking to include increasingly more payments to this already complex landscape so if you kind 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 real difficulties or real challenging type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from an expense point of view from an effect viewpoint on staff members it is absolutely important 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 have to be done right it has the greatest harmful impact on individuals’s wellness and many other elements if people aren’t paid uh I have actually constantly been impressed 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 exactly sure anybody on this kind of webinar has been told 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 workers or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think 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 stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is a fantastic first step um providing an end-to-end payroll option for your workers worldwide again I believe is another substantial um procedure again lining up and ensuring you have standardization Global procedures all of those things are definitely key to success success of services and decreasing the variety of tools platforms and checking account they require 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 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 complaints where things haven’t gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks

anyhow we know how how important a function 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 just I was simply gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting 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 held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of try to return to everybody so proceeding look why do business select to primary different savings account there are Https Papaya Global.Zendesk.Com Agent Tickets 31570 services out there doing precisely this for particular nations and I’ve operated in an organization or numerous services doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and any person that’s managing that process 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 got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires changing however eventually individuals are really stuck to what they recognize

with best um modification is a hard thing we all don’t like modification um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having preserving multiple bank accounts however there’s a huge quantity of intricacy opts for setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is substantial but I think the honest answer is change um individuals haven’t been able to change or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually 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 carrying on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to monitor and this method does pose several challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Https Papaya Global.Zendesk.Com Agent Tickets 31570