Papaya Global 19.1 Download Free FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global 19.1 Download Free… roles on the provider side and also on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 very uninspiring and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll also go over a recap which ought to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and handling them ends up being increasingly more complex Global organizations are wanting to find Solutions and new methods to streamline procedures especially from a payroll and cross-border payment perspective many companies maintain different checking account just for payroll while some have several accounts in various nations does it make good sense for companies to maintain separate checking account sometimes in different nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies enhance the episode complex processes of

making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly policies compliance data security and banking rules then there are the sheer numbers they include further complexity the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s often a frustrating number of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely really basic there’s no real consistency structure we’re living in a period of tech but payroll has 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 every time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide organizations have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes poorly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is delivered to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they depend on the required multiple processes 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 difficulties service face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and state what is it what does not require to be included best and what does

it need to be thought of there’s varying Bank details 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to sort of progress with that it also too to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more essential to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by companies across the world so once again you’re simply aiming to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or real challenging sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any company has from an expense viewpoint from an effect perspective on employees it is definitely important that it’s done properly and on time so what we mean 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 destructive result on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been astonished coming into this Market kind of the last 5 to ten years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone 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 individuals only see when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. For that reason, it is essential to make sure that tasks like Wi-Fi International and other crucial matters are done correctly. Using the first International Payments first payroll payment option is an excellent preliminary action towards offering a thorough payroll option for staff members worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and savings account essential for international payroll are essential consider achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as planned. Ultimately, we do not do it for the gratitude.

anyhow we understand how how essential 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 associated with those processes and also so envision sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and type of shot to get back to everyone so proceeding look why do business choose to main different checking account there are Papaya Global 19.1 Download Free companies out there doing precisely this for specific countries and I have actually worked in a company or lots of services doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we don’t have to and anybody 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 quantity that we are I believe numerous factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires changing but eventually individuals are really stuck with what they’re familiar

with best um change is a tough thing we all do not like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving multiple checking account however there’s a big amount of complexity goes with setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is substantial but I think the honest response is modification um people haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep track of and this approach does present several difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering global 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 achievements. Papaya Global 19.1 Download Free