Papaya Global This Database Cannot Be Opened FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global This Database Cannot Be Opened… functions on the service provider side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately 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 fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates 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 very extremely dreary and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain different

Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they add further complexity the global Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really really standard there’s no real consistency structure we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I believe

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 Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of an image they see a lack of presence also reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors improperly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they rely on the necessary multiple 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 challenges organization face when they’re paying to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t need to be included ideal and what does

it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 client’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to kind of progress with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals say 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 computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world puts a high value on well-being and the compensation landscape is ending up being increasingly intricate. Services are continuously presenting brand-new advantages and payment options, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technologically sophisticated age, there’s no reason for preserving troublesome procedures. Payroll, the business’s most significant expense, should be processed properly and on time. Even minor delays can adversely affect staff members’ well-being and have significant consequences. Therefore, it’s critical to focus on accurate and prompt payments.

payroll group get um so I’m not exactly sure anybody on this type 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 staff members or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone 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 also like why WI-Fi Global why all of this things is absolutely important that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is an excellent initial step um offering an end-to-end payroll solution for your workers internationally once again I believe is another huge um procedure once again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of businesses and lowering the number of tools platforms and bank accounts they require for their International 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 ever 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 haven’t gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks

anyway we know how how crucial a function 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 procedures and also so picture sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t think of 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 in fact see what was going on and type of try to get back to everyone so carrying on look why do business choose to main different checking account there are Papaya Global This Database Cannot Be Opened companies out there doing exactly this for particular nations and I have actually operated in a company or many businesses doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we don’t need to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I think individuals have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people 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 think this is a process that requires taking a look at it requires changing but ultimately individuals are really stuck to what they recognize

with right um modification is a difficult thing we all don’t like change um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving several savings account however there’s a big quantity of intricacy opts for establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is huge however I believe the sincere response is change um people haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or two there is a lot to keep track of and this approach does position several obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global This Database Cannot Be Opened