Papaya Global Report By Department FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Report By Department… functions on the company side and also on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind 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 sort of like see where everybody comes 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 raining here it’s really extremely bleak and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a recap which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and handling them ends up being more and more complex International companies are aiming to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment viewpoint numerous organizations keep different checking account just for payroll while some have several accounts in different countries does it make good sense for business to preserve separate bank accounts often in various nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business streamline the episode complex processes of

making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they add more complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated 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 services and growing all doing their own thing around the globe in the traditional 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 big amounts and or really extremely basic there’s no genuine consistency framework we’re residing in an age 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 and that just blows my mind whenever I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on international payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of international 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 because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be consisted of best and what does

it require 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 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 wherever you look best eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like super payments no if however some children 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 fundamental and innovation is allowing us to sort of progress with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 individuals any place they are however also paying statutory authorities and on statutory third parties so with the

The contemporary world places a high worth on well-being and the payment landscape is ending up being progressively complex. Companies are constantly presenting brand-new benefits and payment options, which contributes to the total intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technologically advanced age, there’s no justification for preserving troublesome procedures. Payroll, the company’s most significant cost, need to be processed correctly and on time. Even slight hold-ups can adversely affect staff members’ wellness and have significant effects. Therefore, it’s critical to prioritize accurate and timely payments.

payroll group get um so I’m unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us hear about 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 think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great primary step um supplying an end-to-end payroll service for your staff members worldwide again I think is another huge um process again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of businesses and reducing the number of tools platforms and bank accounts they require for their Worldwide 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we know how how crucial 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 everybody 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 certain we’re talking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and kind of try to return to everyone so carrying on appearance why do business pick to main separate checking account there are Papaya Global Report By Department organizations out there doing precisely this for specific countries and I’ve worked in a business or lots of businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I think people have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a process that requires looking at it needs altering however eventually individuals are really stuck with what they recognize

with best um modification is a tough thing all of us do not like modification um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having maintaining multiple checking account however there’s a big quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is huge but I believe the honest answer is modification um people have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Report By Department