Papaya Global Training Manual Pdf FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Training Manual Pdf… roles on the service provider 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 everybody fine thanks Johnny uh we’ll just provide everybody another couple 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 quite intriguing 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 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 extremely really dreary and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business keep different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a wrap-up and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and handling them ends up being increasingly more complex Global organizations are aiming to discover Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment standpoint many companies preserve separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain separate checking account often in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business simplify the episode complex processes of

making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset 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 complex for a range of reasons most significantly guidelines compliance information security and banking rules then there are the sheer numbers they add further complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated 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 factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll model there’s often a frustrating variety of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely really basic there’s no genuine consistency structure we’re residing in an era 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 typically with pen and paper which simply blows my mind each time I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business spends on international payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors improperly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the needed several procedures 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 challenges company face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be included ideal and what does

it require to be thought of there’s varying 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 need to pay from the client’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble super payments no if but some children 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 acknowledgment that payroll payments are definitely essential and technology is enabling us to sort of move on with that it likewise as well to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 frequently 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world puts a high worth on wellness and the settlement landscape is becoming progressively detailed. Companies are continuously presenting brand-new benefits and payment alternatives, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technically innovative era, there’s no validation for keeping troublesome treatments. Payroll, the company’s greatest expense, must be processed correctly and on time. Even minor delays can negatively affect workers’ wellness and have far-reaching consequences. For that reason, it’s vital to prioritize accurate and timely payments.

payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is a fantastic primary step um providing an end-to-end payroll service for your workers internationally again I believe is another big um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and bank accounts they need 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 expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not 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 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 everybody that’s associated with those processes and also so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that numerous 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 absolutely be an interesting job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and type of try to get back to everyone so proceeding look why do companies pick to primary different bank accounts there are Papaya Global Training Manual Pdf businesses out there doing precisely this for particular countries and I’ve worked in a service or numerous services doing exactly that I can state 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 anybody where we do not need to and any person that’s handling 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 amount that we are I believe many factors one is it’s the standard I believe people have actually got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it requires altering however eventually people are very stuck with what they’re familiar

with ideal um modification is a challenging thing we all do not like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping multiple bank accounts but there’s a substantial amount of complexity opts for setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is substantial however I believe the sincere response is modification um people have not had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to track and this technique does pose several difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a variety 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 Global employees you deserve a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Training Manual Pdf