Lending Club Vehind Papaya Globalments FAQ – Payroll Management 2024

Over the last 5 or 6 years …Lending Club Vehind Papaya Globalments… functions on the provider side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 raining here it’s really very gloomy and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business keep different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll also review a recap and that ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and handling them becomes increasingly more complex Worldwide companies are seeking to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment perspective numerous organizations keep different checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to keep different savings account in some cases in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business simplify the episode complex procedures of

making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they add more 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 consider that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s frequently an overwhelming variety of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or really very fundamental there’s no real consistency framework we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in international payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of international services have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the information is shipped to the wrong location the average expense of a worldwide 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 do not run efficiently if they count on the needed 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 business face when they’re paying to workers or otherwise that’s a good question I always throw this back and state what is it what does not need to be consisted of right 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 country there’s payment time frames 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 customer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is absolutely important 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to type of move forward with that it also too to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more essential to add to kind of the level of complexity there’s more and more advantages being organ or being provided by businesses across the world so again you’re simply seeking to include a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or genuine difficult type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however 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 additional handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost viewpoint from an effect viewpoint on staff members it is absolutely crucial 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 biggest detrimental result on people’s wellness and many other factors if people aren’t paid uh I’ve always been surprised entering this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just 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 important that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a great first step um supplying an end-to-end payroll option for your employees globally once again I think is another big um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of organizations and lowering the number of tools platforms and bank accounts they require 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I do not believe any of us are really doing that for for the thanks

anyhow we know how how important a role 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 everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na say imagine the amount 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 numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean 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 browse them and in fact see what was going on and sort of try to get back to everybody so proceeding appearance why do business select to primary separate savings account there are Lending Club Vehind Papaya Globalments organizations out there doing exactly this for specific nations and I’ve worked in a company or lots of services doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not have to and anybody that’s handling that process I ‘d be interested to hear your ideas 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 standard I think people have actually got so used to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering however ultimately individuals are extremely stuck with what they recognize

with right um modification is a tough thing we all don’t like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining numerous checking account however there’s a substantial amount of intricacy chooses establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is huge but I believe the sincere response is modification um individuals haven’t been able to alter or haven’t had necessarily the knowledge to really 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 knowledge you understand and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to keep track of and this method does present a number of obstacles um so Johnny could you tell us about those difficulties yeah of course 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 jobs on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Lending Club Vehind Papaya Globalments