Https Papaya Global.Zendesk.Com Hc En-us Articles 115002326543 FAQ – Payroll Management 2024

Over the last 5 or 6 years …Https Papaya Global.Zendesk.Com Hc En-us Articles 115002326543… functions on the service provider side and also on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so 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 interesting and I can see it going on already 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 is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business preserve separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also review a recap and that must leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them ends up being increasingly more intricate International companies are looking to discover Solutions and new methods to simplify procedures especially from a payroll and cross-border payment standpoint lots of companies maintain different savings account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve separate bank accounts in some cases in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business streamline the episode complex procedures of

making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most notably regulations compliance data security and banking rules then there are the large numbers they include additional complexity the international Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating number of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or very extremely basic there’s no genuine consistency framework we’re living in an era of tech however payroll has actually been slow 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 an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of global services have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they count on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t require to be included right and what does

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it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely important however all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and innovation is enabling us to sort of move on with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely crucial that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure 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

The modern world positions a high worth on wellness and the compensation landscape is becoming increasingly elaborate. Services are constantly presenting new advantages and payment choices, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s highly innovative period, there’s no justification for preserving cumbersome procedures. Payroll, the business’s most significant cost, need to be processed correctly and on time. Even minor hold-ups can negatively affect employees’ well-being and have far-reaching effects. For that reason, it’s crucial to focus on accurate and timely payments.

payroll team get um so I’m not sure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a fantastic first step um supplying an end-to-end payroll solution for your staff members globally once again I believe is another big um procedure again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of organizations and decreasing the variety of tools platforms and savings account they need for their International 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 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks

anyway we understand how how crucial 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 simple as possible for everyone that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies pick to main separate savings account there are Https Papaya Global.Zendesk.Com Hc En-us Articles 115002326543 organizations out there doing exactly this for particular nations and I’ve worked in a business or many businesses doing precisely 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 producing extra work for anybody where we don’t 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 think numerous reasons one is it’s the requirement I think people have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires looking at it requires altering however eventually individuals are really stuck to what they’re familiar

with ideal um modification is a hard thing we all don’t like change 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 great deal of track of stuff um I comprehend obviously the advantages of having keeping several savings account but there’s a substantial amount of complexity goes with setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is huge however I believe the truthful response is change um people haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep track of and this technique does present several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so

I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Https Papaya Global.Zendesk.Com Hc En-us Articles 115002326543