Free Papaya Global Online Training FAQ – Payroll Management 2024

Over the last 5 or six years …Free Papaya Global Online Training… functions on the supplier side and also on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join all of us 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 currently just to hear where everyone is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I want I was elsewhere 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 obstacle years of managing Global payroll why business preserve separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise go over a recap which must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them becomes more and more complicated International companies are aiming to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment standpoint many organizations keep separate bank account just for payroll while some have several accounts in different countries does it make sense for companies to preserve separate checking account often in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies streamline the episode complex procedures of

making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 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 traditional payroll model there’s often a frustrating variety of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really really basic there’s no genuine consistency structure we’re residing 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 frequently with pen and paper and that simply blows my mind every 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 organizations state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in global payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global services have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes badly interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the data is shipped to the wrong place the typical 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 world payroll and payments do not run smoothly if they depend on the needed several 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 business face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be consisted of best and what does

it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 client’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to sort of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance teams work more detailed together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation 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 data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of important to add to type of the level of complexity there’s increasingly more advantages being organ or being offered by organizations across the world so once again you’re just seeking to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine obstacles or real difficult kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an effect viewpoint on workers it is definitely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging result on people’s wellness and lots of other aspects if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m uncertain anybody on this sort of webinar has been informed 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 but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just 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 stuff is absolutely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a terrific primary step um providing an end-to-end payroll service for your employees globally once again I think is another substantial um process once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of services and decreasing the number of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks

anyhow we understand 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 easy as possible for everybody that’s involved in those processes and likewise so envision sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that many 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 task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and sort of shot to get back to everybody so proceeding appearance why do companies select to primary separate savings account there are Free Papaya Global Online Training services out there doing exactly this for particular nations and I have actually worked in a business or many businesses doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not producing extra work for any person where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas 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 standard I believe individuals have got so utilized to we need a new savings account we open an entity and appropriately 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 the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs looking at it needs changing but eventually people are very stuck with what they recognize

with right um modification is a difficult thing all of us don’t like change um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining several checking account however there’s a big amount of intricacy goes with establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is big but I think the sincere answer is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or so there is a lot to monitor and this technique does present numerous obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so

I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Free Papaya Global Online Training