Papaya Global Paying Week Ending Sunday FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Paying Week Ending Sunday… functions on the provider side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days 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 sort of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies keep different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll also go over a wrap-up and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and managing them becomes increasingly more intricate Global companies are looking to find Solutions and brand-new ways to enhance processes particularly from a payroll and cross-border payment standpoint numerous companies preserve different savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain different bank accounts often in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business simplify the episode complex processes of

making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most significantly guidelines compliance information security and banking rules then there are the sheer numbers they include more intricacy the global Labor force is presently three and a half billion people 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 services and growing all doing their own thing around the world in the conventional payroll model there’s typically a frustrating variety of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely extremely standard there’s no real consistency structure we’re living in an era of tech however payroll has actually been sluggish 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 each time I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on global payroll the less of an image they see a lack of exposure also encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be consisted of right and what does

it require 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 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 have to pay from the customer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely fundamental and technology is enabling us to sort of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely vital that payroll and financing groups work better together than ever um I’m always surprised 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 estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure 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

The modern world positions a high value on well-being and the compensation landscape is ending up being progressively elaborate. Services are continually presenting new advantages and payment options, which contributes to the general complexity. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s technically advanced age, there’s no justification for preserving troublesome procedures. Payroll, the business’s greatest cost, must be processed properly and on time. Even slight hold-ups can adversely impact workers’ wellness and have far-reaching repercussions. For that reason, it’s important to prioritize precise and prompt payments.

The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone 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 just observe when things go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment option is a terrific preliminary action towards offering a thorough payroll service for employees worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and savings account needed for international payroll are key consider attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as planned. Eventually, we do not do it for the appreciation.

anyway we understand how how crucial a function 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 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 state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and kind of shot to return to everyone so carrying on look why do companies pick to main separate savings account there are Papaya Global Paying Week Ending Sunday businesses out there doing precisely this for specific nations and I’ve worked in a service or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not developing extra work for any person where we don’t need to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I believe people have got so utilized to we require a 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 think it’s simply been the requirement and the standard the people have actually 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 lots of other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it needs changing however eventually people are very stuck with what they’re familiar

with best um modification is a hard thing all of us do not like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving several checking account but there’s a big quantity of complexity goes with establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is big but I believe the sincere answer is change um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep an eye on and this method does posture a number of difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Paying Week Ending Sunday