Papaya Global Update 2022 Update 2 FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Update 2022 Update 2… roles on the provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately 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 already just to hear where everybody is um it’s nice to to sort of like see where everybody comes 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 extremely gloomy and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep separate

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring precise, efficient, and timely payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and find how streamlining worldwide payroll payments can transform them from a burdensome job into a strategic property.

Managing payroll worldwide is a difficult job due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.

Traditional payroll systems often result in manual processes, data silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. Despite living in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and options to simplify and enhance international payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in global payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors badly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the essential several 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 challenges service face when they’re paying to staff members or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be included 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 time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if but some babies 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to sort of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work better together than ever um I’m constantly 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 occupation would they divide the payroll payment from computation I would say no so why do we as a market 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 data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of essential to add to kind of the level of complexity there’s increasingly more advantages being organ or being offered by services throughout the world so again you’re simply wanting to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or genuine tough kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any service has from an expense perspective from an impact viewpoint on workers it is absolutely important that it’s done correctly and on time so what we suggest 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 impact on people’s well-being and many other factors if people aren’t paid uh I have actually constantly been astonished entering this Market kind of the last five to 10 years is how little thanks the

The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only discover when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally as well. For that reason, it is important to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Using the first Worldwide Payments very first payroll payment service is a terrific preliminary action towards supplying an extensive payroll option for employees worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and bank accounts needed for global payroll are key consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as prepared. Eventually, we don’t do it for the appreciation.

anyway we understand how how crucial a function 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 associated with those processes and likewise so picture sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of 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 absolutely be a fascinating job attempting to clean all those up for sure oh absolutely 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 attempt to check out them and in fact see what was going on and sort of try to return to everyone so carrying on look why do business choose to main separate bank accounts there are Papaya Global Update 2022 Update 2 organizations out there doing precisely this for specific nations and I have actually operated in a business or numerous services doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we don’t need to and any person that’s managing that procedure 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 believe people have got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions 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 individuals have embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires altering but ultimately individuals are very stuck with what they’re familiar

with right um change is a difficult thing we all don’t like modification um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having preserving several savings account however there’s a substantial amount of intricacy opts for establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is big but I believe the sincere answer is modification um individuals have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or two there is a lot to monitor and this method does position numerous difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Update 2022 Update 2