Learn Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …Learn Papaya Global… roles on the provider side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing 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 everyone comes from and I actually 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 drizzling here it’s very extremely uninspiring and I wish I was elsewhere 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 challenge years of handling Worldwide payroll why companies maintain separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also review a wrap-up which needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and handling them ends up being more and more complex International companies are seeking to discover Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment viewpoint lots of companies keep different bank account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve different checking account in some cases in different nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business simplify the episode complex procedures of

Ensuring precise, effective, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to enhance working capital, and discover how simplifying international payroll payments can change them from a challenging task into a strategic asset.

Handling payroll globally is a daunting task due to various regulations, compliance requirements, information security issues, and banking guidelines. The large number of staff members and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.

Conventional payroll systems often result in manual processes, information silos, and a lack of combination, causing disparities and ineffectiveness. Despite residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and services to simplify and optimize global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company invests in international payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of global services have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors poorly interacted hires and terminations along with lack management and system setups and then when you round it all off and the data is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be included ideal and what does

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it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more important to add to sort of the level of intricacy there’s more and more advantages being organ or being offered by services throughout the world so once again you’re just seeking to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams 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 but you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any company has from an expense perspective from an effect perspective on staff members it is absolutely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful effect on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually always been astonished coming into this Market type of the last 5 to ten years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally as well. Therefore, it is vital to guarantee that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first International Payments first payroll payment service is a fantastic initial action towards supplying an extensive payroll option for employees worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and savings account essential for international payroll are crucial factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as planned. Ultimately, we don’t do it for the appreciation.

anyhow we understand how how essential 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 easy as possible for everybody that’s associated with those procedures and also so picture sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and sort of try to return to everyone so proceeding appearance why do companies pick to main separate checking account there are Learn Papaya Global organizations out there doing exactly this for specific countries and I’ve operated in a service or lots of businesses doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and any person that’s handling 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 many reasons one is it’s the requirement I think people have actually got so used to we require a brand-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 believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs altering however eventually people are extremely stuck with what they’re familiar

with ideal um modification is a difficult thing we all do not like modification um so I believe it’s simply kind 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 undoubtedly the advantages of having preserving numerous checking account however there’s a big quantity of complexity chooses establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is substantial but I think the honest response is modification um people have not had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to track and this method does present numerous difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so

I just 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 feels like our CFO has gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Learn Papaya Global