Papaya Global System Review FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global System Review… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies preserve separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll also go over a wrap-up and that needs to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and managing them ends up being more and more complicated International companies are looking to find Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment viewpoint lots of organizations preserve separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to preserve separate checking account sometimes in different nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies improve the episode complex processes of

Making sure precise, efficient, and prompt payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to enhance working capital, and find how improving worldwide payroll payments can transform them from a challenging job into a strategic asset.

Managing payroll internationally is a daunting job due to numerous policies, compliance requirements, data security concerns, and banking rules. The large variety of staff members and companies adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.

Conventional payroll systems often result in manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inadequacies. Regardless of residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and services to streamline and optimize international payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a company invests in global payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of global companies have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the information is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the necessary several processes 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 obstacles organization face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and state what is it what does not need to be included right and what does

it require to be thought of there’s varying Bank information 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 have to pay from the customer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 absolutely fundamental and technology is allowing us to type of move forward with that it also too to add to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing groups work closer together than ever um I’m always astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation 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 information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more essential to contribute to type of the level of complexity there’s increasingly more benefits being organ or being used by companies across the world so again you’re simply aiming to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely state that the larger 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 groups feeding information into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an impact perspective on workers it is absolutely crucial that it’s done properly 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 greatest destructive effect on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been astonished coming into this Market kind of the last five to ten years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only observe when things go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally as well. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the first Global Payments very first payroll payment service is a terrific initial action towards providing a thorough payroll option for staff members worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and savings account needed for worldwide payroll are key factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as prepared. Eventually, we do not do it for the thankfulness.

anyway we know how how essential 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of try to return to everyone so carrying on appearance why do business pick to main separate bank accounts there are Papaya Global System Review companies out there doing precisely this for particular countries and I’ve worked in a company or numerous companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I believe people have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires altering but ultimately individuals are really stuck to what they recognize

with right um modification is a hard thing all of us don’t like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping multiple bank accounts however there’s a big amount of intricacy goes with setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is substantial however I think the truthful answer is change um individuals have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to change 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 understand what might almost be identified to be the next Century or two there is a lot to keep track of and this approach does posture numerous obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global System Review