Papaya Global Job Retention Module FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Job Retention Module… roles on the supplier side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays 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 everyone 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 very really dreary and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep different

Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.

Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and discover how improving global payroll payments can change them from a burdensome task into a strategic asset.

Managing payroll worldwide is a difficult job due to numerous guidelines, compliance requirements, data security issues, and banking rules. The large number of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Standard payroll systems frequently result in manual procedures, data silos, and an absence of combination, leading to disparities and inadequacies. Regardless of residing in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and options to simplify and optimize international payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on international payroll the less of an image they see a lack of exposure also encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global businesses 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 due to time reporting poor HCM data information entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the required numerous procedures systems and partners it is simply 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 making payments to employees or otherwise that’s a great question I always throw this back and state what is it what does not require 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look best ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 essential and innovation is enabling us to sort of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely important that payroll and finance groups work closer together than ever um I’m constantly astonished when people 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 profession would they split the payroll payment from calculation 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 procedure 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 well-being being more and more essential to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by companies across the world so once again you’re simply looking to add increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or genuine challenging sort of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single most significant liability that any business has from a cost perspective from an impact viewpoint on workers it is definitely critical that it’s done correctly and on time so what we imply 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 harmful result on people’s well-being and numerous other aspects if people aren’t paid uh I have actually always been impressed coming into this Market kind of the last five to 10 years is how little thanks the

The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only discover when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally too. Therefore, it is important to guarantee that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the first Global Payments first payroll payment option is an excellent initial action towards offering an extensive payroll solution for workers worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and checking account essential for worldwide payroll are crucial factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.

anyhow we understand how how important a role it is which’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 involved in those procedures and likewise so picture sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions envision 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 however it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of try to return to everyone so moving on look why do business pick to main different bank accounts there are Papaya Global Job Retention Module organizations out there doing exactly this for specific nations and I’ve worked in a company or many businesses doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anyone 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 requirement I believe individuals have got so utilized to we need a brand-new bank 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 believe it’s simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires altering but ultimately people are really stuck to what they recognize

with best um change is a tough thing we all do not like change um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving several checking account however there’s a big amount of complexity goes with establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge but I think the honest answer is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or so there is a lot to track and this method does posture several challenges um so Johnny might you tell us about those obstacles yeah naturally 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 Worldwide workers you are worthy of a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Job Retention Module