Linking Papaya Global Cloud FAQ – Payroll Management 2024

Over the last 5 or six years …Linking Papaya Global Cloud… roles on the company side and likewise on the vendor side from a payroll point of view 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 offer everyone another couple of uh well one of 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 quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 very extremely uninspiring 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 difficulty years of managing Worldwide payroll why business maintain different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a recap and that should leave his time at the really extremely 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 workforces end up being increasingly more common and handling them ends up being more and more intricate Global organizations are aiming to find Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment standpoint many organizations maintain separate savings account just for payroll while some have multiple accounts in different nations does it make good sense for business to keep separate savings account often in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies improve the episode complex procedures of

making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most notably guidelines compliance data security and banking guidelines then there are the large numbers they include more intricacy the international Workforce 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 currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating number of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or really really standard there’s no real consistency framework we’re residing 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 which just blows my mind whenever I I believe

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in international payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of global services have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does

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

it require to be thought about 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 capabilities 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 intricacy anywhere you look right ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to kind of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the

The modern-day world puts a high worth on well-being and the compensation landscape is ending up being significantly complex. Businesses are continuously introducing new advantages and payment options, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technologically sophisticated era, there’s no justification for keeping cumbersome procedures. Payroll, the company’s greatest cost, need to be processed properly and on time. Even minor delays can negatively impact employees’ well-being and have far-reaching effects. Therefore, it’s vital to focus on accurate and prompt payments.

The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. For that reason, it is necessary to guarantee that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first International Payments very first payroll payment service is an excellent initial step towards providing a comprehensive payroll option for staff members worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and bank accounts essential for international payroll are essential consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as planned. Ultimately, we do not do it for the appreciation.

anyhow 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 easy as possible for everybody that’s associated with those procedures and likewise so think of sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of 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 certainly be an intriguing task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and sort of try to get back to everyone so proceeding appearance why do companies select to primary separate bank accounts there are Linking Papaya Global Cloud businesses out there doing exactly this for specific countries and I’ve operated in a business or numerous businesses doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I believe individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have 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 numerous other methods um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it needs changing however ultimately individuals are really stuck with what they’re familiar

with best um change is a hard thing we all don’t like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving multiple bank accounts however there’s a big amount of complexity chooses establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is big but I believe the honest response is modification um people have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or so there is a lot to keep track of and this method does pose a number of difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so

I just 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 workers you are worthy of a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Linking Papaya Global Cloud