Papaya Global There Was A Problem Upgrading The Database FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global There Was A Problem Upgrading The Database… functions on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give 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 rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type 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 really really uninspiring and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll also go over a wrap-up which must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and managing them becomes more and more complicated International organizations are wanting to discover Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment standpoint many companies maintain different checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep different checking account often in different nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business enhance the episode complex procedures of

making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably guidelines compliance information security and banking rules then there are the sheer numbers they include additional complexity the worldwide 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 people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or really very standard there’s no genuine consistency structure we’re living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I think

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of global companies 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 bad HCM data data entry mistakes inadequately communicated hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they rely on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a good question 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 about there’s differing 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 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 customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to kind of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry 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 people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more important to add to kind of the level of complexity there’s a growing number of advantages being organ or being provided by companies across the world so once again you’re simply aiming to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine challenging type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely 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 info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from a cost point of view from an effect point of view on workers it is definitely 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 most significant destructive result on individuals’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe 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 absolutely important that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is an excellent primary step um supplying an end-to-end payroll service for your staff members worldwide once again I think is another big um process once again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of services and decreasing the number of tools platforms and checking account 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 countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks

anyway we know 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was simply gon na say picture the quantity 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 numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly 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 was the case um you ‘d require days of the week to try to look through them and really see what was going on and kind of try to return to everyone so carrying on look why do companies select to main different savings account there are Papaya Global There Was A Problem Upgrading The Database organizations out there doing precisely this for specific countries and I’ve worked in a company or lots of services doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for anyone where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs changing however eventually individuals are extremely stuck with what they recognize

with right um change is a hard thing we all do not like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having preserving multiple checking account however there’s a substantial quantity of intricacy opts for setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is huge however I believe the truthful answer is modification um individuals haven’t had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually always 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 nearly be figured out to be the next Century or so there is a lot to keep track of and this technique does position a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety 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 employees you should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global There Was A Problem Upgrading The Database