Papaya Global 2019 Free Trial FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global 2019 Free Trial… functions on the company side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so 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 fascinating and I can see it going on currently simply 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 definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really dreary 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 difficulty years of handling International payroll why business keep different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and managing them ends up being more and more complicated Worldwide organizations are wanting to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment standpoint lots of organizations maintain separate checking account just for payroll while some have several accounts in various countries does it make good sense for business to keep different bank accounts in some cases in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business simplify the episode complex procedures of

making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include further complexity the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll design there’s often an overwhelming number of different systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely extremely basic there’s no genuine consistency framework we’re residing in a period of tech but 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 every time I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international services have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system setups 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 require to move the money around the globe payroll and payments do not run efficiently if they depend on the necessary several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be included best and what does

it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to sort of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from computation 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 data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the

The modern world puts a high value on well-being and the compensation landscape is becoming significantly complex. Businesses are continually introducing brand-new advantages and payment choices, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically innovative period, there’s no justification for maintaining troublesome procedures. Payroll, the business’s greatest expenditure, must be processed properly and on time. Even minor hold-ups can negatively affect workers’ well-being and have far-reaching repercussions. Therefore, it’s important to prioritize precise and prompt payments.

payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong however 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 essential that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a terrific initial step um supplying an end-to-end payroll service for your employees worldwide again I believe is another substantial um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and reducing the number of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless 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 rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks

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 simple as possible for everyone that’s associated with those processes and also so think of sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of 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 certainly be an interesting task trying to clean up all those up for sure oh definitely I can’t think of 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 really see what was going on and type of shot to return to everyone so moving on appearance why do companies choose to primary different bank accounts there are Papaya Global 2019 Free Trial organizations out there doing precisely this for specific nations and I’ve operated in an organization or lots of services doing exactly that I can say it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s handling 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 believe lots of factors one is it’s the standard I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires altering however eventually people are extremely stuck to what they recognize

with right um change is a tough thing all of us do not like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining numerous bank accounts however there’s a substantial quantity of intricacy goes with establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is huge but I think the sincere response is change um people haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually 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 nearly be figured out to be the next Century or two there is a lot to keep track of and this approach does posture a number of obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global 2019 Free Trial