Efficient And Affordable Hr Operations With Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Efficient And Affordable Hr Operations With Papaya Global… roles on the provider side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain different

Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially helpful for international 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 countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance information security and banking rules then there are the large numbers they include more complexity the international Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s typically an overwhelming number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or very very standard there’s no real consistency framework we’re living in a period of tech however 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 and that simply blows my mind each time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of an image they see a lack of exposure likewise reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide companies have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they rely on the essential numerous processes 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 difficulties service face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does

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it need to be thought about there’s differing Bank information 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 type 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 varying banking requirements and setup procedures is definitely important that payroll and finance teams work closer together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being increasingly more crucial to add to sort of the level of intricacy there’s a growing number of advantages being organ or being used by services throughout the world so once again you’re simply looking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or real tough sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would certainly state that the larger an organization 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 information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense perspective from an impact point of view on workers it is definitely important that it’s done correctly and on time so what we mean 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 individuals’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been surprised entering this Market sort of the last five to 10 years is how little thanks the

The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just notice when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. For that reason, it is essential to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Using the very first Worldwide Payments very first payroll payment service is a great preliminary step towards providing a detailed payroll solution for staff members worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and bank accounts essential for global payroll are crucial factors in accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.

anyhow we know how how crucial 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 easy as possible for everyone that’s involved in those procedures and also so imagine sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting 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 was the case um you ‘d need days of the week to try to check out them and actually see what was going on and type of try to get back to everybody so proceeding appearance why do companies pick to primary separate checking account there are Efficient And Affordable Hr Operations With Papaya Global services out there doing precisely this for particular countries and I have actually worked in an organization or many businesses doing exactly that I can say it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t need to and anybody that’s managing that process 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 numerous reasons one is it’s the standard I think people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a process that requires looking at it requires changing however ultimately individuals are really stuck with what they’re familiar

with ideal um modification is a challenging thing we all don’t like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having preserving multiple bank accounts however there’s a substantial quantity of intricacy chooses setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is substantial however I think the sincere answer is modification um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to monitor and this technique does position a number of obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range 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 acquired another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Efficient And Affordable Hr Operations With Papaya Global