Papaya Global Support Eps Submission FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Support Eps Submission… functions on the supplier side and also on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather 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 comes from and I actually do hope it’s much sunnier than it remains 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 really very dreary and I want I was somewhere else at this moment in time fine 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 Worldwide payroll why companies maintain different

Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include further complexity the global Labor force is currently three and a half billion individuals by 2030 it’s estimated 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 conventional payroll model there’s frequently a frustrating variety of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely really fundamental there’s no genuine consistency framework we’re residing in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international companies have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is delivered to the incorrect location the typical expense of a global data 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 efficiently if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint 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 an excellent concern I always throw this back and say what is it what doesn’t require to be consisted of ideal and what does

it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type 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 innovation is permitting us to sort of move on with that it likewise also to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and financing groups work closer together than ever um I’m always impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of important to contribute to type of the level of intricacy there’s more and more benefits being organ or being provided by businesses across the world so again you’re just aiming to include a growing number of payments to this currently complicated landscape so if you type 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 utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single most significant liability that any business has from an expense point of view from an impact perspective on staff members it is absolutely critical that it’s done correctly and on time so what we indicate 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 impact on individuals’s well-being and numerous other aspects if people aren’t paid uh I have actually always been astonished entering this Market sort 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 actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only see when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally also. For that reason, it is important to make sure that jobs like Wi-Fi Worldwide and other essential matters are done properly. Using the very first Worldwide Payments first payroll payment service is a great initial action towards providing an extensive payroll service for employees worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and savings account needed for global payroll are key factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as planned. Ultimately, we do not do it for the gratitude.

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 just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying to clean all those up for sure oh definitely I can’t picture 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 really see what was going on and sort of shot to get back to everyone so carrying on look why do companies select to main different bank accounts there are Papaya Global Support Eps Submission businesses out there doing exactly this for particular countries and I have actually worked in a company or numerous organizations doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and any person that’s managing 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 quantity that we are I believe many reasons one is it’s the standard I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering but eventually people are very stuck to what they’re familiar

with ideal um change is a difficult thing all of us do not like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having keeping numerous bank accounts but there’s a huge quantity of intricacy opts for establishing a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is big however I think the truthful response is change um individuals 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 checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this approach does present several challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so

I just did you changed 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 Global workers you should have a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Support Eps Submission