Papaya Global Tips FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Tips… functions on the company side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting 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 truly 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 extremely very bleak and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business maintain different

Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring accurate, efficient, and timely payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and discover how streamlining international payroll payments can change them from a challenging task into a strategic possession.

Handling payroll internationally is a daunting task due to numerous policies, compliance requirements, information security issues, and banking rules. The sheer variety of employees and companies contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems typically lead to manual processes, information silos, and an absence of integration, causing inconsistencies and inefficiencies. Despite living in a period of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and solutions to streamline and optimize worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization invests in global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors badly interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the data is shipped to the incorrect place the typical expense 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 around the world payroll and payments do not run smoothly if they count on the necessary multiple 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 paying to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be included right and what does

it require to be thought of 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 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 customer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble super payments no if however some children 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 absolutely basic and technology is permitting us to type of move forward with that it also too to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world puts a high value on wellness and the settlement landscape is ending up being significantly elaborate. Companies are continually introducing brand-new advantages and payment choices, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today’s technologically sophisticated era, there’s no validation for preserving cumbersome procedures. Payroll, the business’s greatest cost, need to be processed properly and on time. Even minor hold-ups can negatively impact workers’ well-being and have significant repercussions. Therefore, it’s important to prioritize precise and timely payments.

payroll team get um so I’m not sure anyone on this sort of webinar has been told 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 workers or not um however eventually payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your employees worldwide again I think is another huge um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of services and minimizing the number of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks

anyhow we know how how crucial 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 involved in those procedures and also so imagine sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and sort of try to return to everybody so moving on look why do companies pick to main separate bank accounts there are Papaya Global Tips companies out there doing exactly this for specific nations and I have actually worked in a service or many organizations doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I believe people have got so utilized to we require a new bank account we open an entity and rightly so you need 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 adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it requires changing however eventually individuals are extremely stuck to what they’re familiar

with best um change is a difficult thing all of us don’t like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having preserving multiple bank accounts but there’s a substantial amount of complexity goes with setting up a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is big however I believe the sincere response is modification um people haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to keep an eye on and this method does present several obstacles um so Johnny might you tell us about those difficulties 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 manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Tips