Papaya Global Empty Report For New Employee No Payslip FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Empty Report For New Employee No Payslip… roles on the company side and also on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody 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 intriguing and I can see it going on currently simply 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 remains 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 very bleak and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain separate

Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely 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 properly forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably guidelines compliance data security and banking guidelines then there are the large numbers they add further intricacy the global Workforce is presently 3 and a half billion individuals 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 factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll design there’s often an overwhelming variety of different systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely really standard there’s no genuine consistency framework we’re residing in an age 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 which simply blows my mind whenever I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global organizations have expressed 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 bad HCM data data entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does

it need to be considered there’s varying Bank details 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 definitely fundamental and technology is enabling us to sort of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing groups work closer together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more crucial to add to type of the level of complexity there’s more and more advantages being organ or being used by organizations across the world so again you’re just looking to include more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real challenges or real tough type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single biggest liability that any organization has from a cost viewpoint from an effect viewpoint on staff members it is definitely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on people’s wellness and numerous other factors if people aren’t paid uh I have actually always been impressed coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll team get um so I’m unsure anyone on this sort of webinar has actually 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 staff members or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply 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 stuff is absolutely essential that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a fantastic initial step um offering an end-to-end payroll solution for your workers internationally again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and minimizing 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 regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks

anyhow we know how how important 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 everyone that’s associated with those processes and likewise so envision sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean up 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 require days of the week to try to look through them and in fact see what was going on and type of try to get back to everybody so carrying on look why do business select to main separate bank accounts there are Papaya Global Empty Report For New Employee No Payslip organizations out there doing precisely this for particular countries and I’ve operated in a business or lots of organizations doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing extra work for any person where we do not need to and any person that’s dealing with that process 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 believe many factors one is it’s the standard I believe individuals have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing but ultimately people are very stuck with what they recognize

with ideal um modification is a hard thing we all do not like change um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining multiple savings account however there’s a substantial amount of intricacy goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is huge however I believe the sincere answer is modification um people haven’t been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does pose several challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a range 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 tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Empty Report For New Employee No Payslip