Papaya Global Calender 2016 17 FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Calender 2016 17… roles on the company side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody 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 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 very very uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep different

Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to enhance working capital, and discover how simplifying international payroll payments can change them from a burdensome task into a tactical property.

Managing payroll worldwide is a daunting job due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The large variety of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Conventional payroll systems typically lead to manual processes, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. In spite of residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and services to simplify and optimize international payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on global payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international services have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes improperly interacted hires and terminations along with lack management and system setups and after that when you round everything off and the information is delivered to the wrong location the typical cost of an international 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 world payroll and payments don’t run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be included best and what does

it need to be thought of 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to sort of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely important that payroll and financing teams work better together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern world puts a high worth on wellness and the payment landscape is ending up being significantly elaborate. Companies are continually introducing brand-new advantages and payment options, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technologically sophisticated age, there’s no reason for preserving troublesome treatments. Payroll, the company’s greatest expense, need to be processed properly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have far-reaching consequences. Therefore, it’s critical to prioritize accurate and timely payments.

payroll team get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout 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 things is definitely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is a terrific first step um offering an end-to-end payroll solution for your staff members worldwide again I think is another big um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of organizations and minimizing the number of tools platforms and savings account they need for their International 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 ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks

anyway we know how how essential 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 easy as possible for everyone that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean up 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 try to browse them and really see what was going on and kind of try to return to everyone so moving on look why do business select to main separate savings account there are Papaya Global Calender 2016 17 services out there doing exactly this for specific nations and I have actually worked in a business or numerous services doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and anyone that’s dealing with 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 think numerous reasons one is it’s the requirement I believe individuals have got so utilized to we require a new checking 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 believe it’s just been the standard and the standard the people have embraced 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 lots of other ways um to to type of do it so I believe there’s a variety I believe this is a process that requires looking at it requires altering however ultimately individuals are very stuck to what they recognize

with ideal um change is a hard 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 lot of track of things um I understand obviously the benefits of having maintaining several bank accounts however there’s a huge quantity of complexity goes with establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is substantial but I think the honest response is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think 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 real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to track and this technique does position numerous obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a variety 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 enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Calender 2016 17