Papaya Global Find Out Total Holiday Paid FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Find Out Total Holiday Paid… functions on the supplier side and also on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone 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 very extremely gloomy and I want 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 Global payroll why business preserve separate

Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they add further complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s frequently a frustrating number of various systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or very extremely basic there’s no genuine consistency structure 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 often with pen and paper which simply blows my mind whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide organizations have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round it all off and the information is shipped to the incorrect 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 around the world payroll and payments do not run efficiently if they rely on the needed multiple 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 obstacles company face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included right and what does

it need to be thought of there’s varying Bank details 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 consumer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is absolutely critical but all over 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 sort 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 basic and innovation is permitting us to sort of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry 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 individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more essential to add to type of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so again you’re just looking to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective 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 working in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from an expense viewpoint from an impact viewpoint on staff members it is absolutely critical that it’s done correctly and on time so what we suggest 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 damaging result on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the

The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally too. For that reason, it is vital to ensure that jobs like Wi-Fi Global and other vital matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment option is a great initial action towards offering a comprehensive payroll option for staff members worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and savings account essential for international payroll are crucial factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as planned. Eventually, we do not do it for the thankfulness.

anyhow we understand 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 everyone that’s associated with those processes and also so think of sorry I’m simply I was simply gon na state think of 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 speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and sort of shot to get back to everybody so moving on appearance why do business select to primary different checking account there are Papaya Global Find Out Total Holiday Paid businesses out there doing exactly this for specific nations and I’ve worked in a service or numerous organizations doing exactly that I can state it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone where we do not need to and anyone 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 requirement I believe people have actually got so utilized to we require a brand-new checking account we open an entity and rightly 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 standard individuals have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing however ultimately individuals are really stuck with what they recognize

with right um modification is a difficult thing all of us do not like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining several checking account but there’s a huge amount of complexity goes with establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is big however I think the honest answer is modification um individuals haven’t been able to change or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or two there is a lot to monitor and this method does pose a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so

I simply did you switched our Business 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 International staff members you are worthy of a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Find Out Total Holiday Paid