Papaya Global Claender 2019 2020 FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Claender 2019 2020… functions on the service provider side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really uninspiring and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll likewise discuss a wrap-up and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more typical and handling them ends up being increasingly more intricate Global organizations are wanting to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment perspective lots of organizations keep separate savings account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain separate checking account often in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex procedures of

making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll design there’s typically an overwhelming number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely really fundamental there’s no real consistency framework we’re residing 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 frequently with pen and paper and that simply blows my mind each time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a service spends on international payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international companies have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is delivered to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the needed several processes systems and partners it is simply not possible so Johnny from a payments point of view 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 a great question I constantly toss this back and state what is it what doesn’t need to be consisted of best and what does

it need to be thought about there’s varying 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need 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 absolutely vital however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 essential and innovation is enabling us to type of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 procedure 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 3rd parties so with the

The contemporary world positions a high value on well-being and the settlement landscape is becoming progressively elaborate. Services are constantly presenting brand-new advantages and payment alternatives, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my opinion, this does not need to be the case. In today’s technically advanced period, there’s no validation for preserving troublesome procedures. Payroll, the business’s most significant expense, must be processed properly and on time. Even slight delays can adversely impact employees’ well-being and have significant effects. Therefore, it’s crucial to prioritize precise and prompt payments.

payroll team get um so I’m uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it fails 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 also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is a terrific initial step um offering an end-to-end payroll service for your workers worldwide once again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of companies and decreasing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in regards to 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 anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks

anyhow 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 everybody that’s associated with those processes and likewise so envision sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean up 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 require days of the week to attempt to look through them and actually see what was going on and kind of try to return to everybody so proceeding look why do companies choose to main separate savings account there are Papaya Global Claender 2019 2020 companies out there doing precisely this for specific countries and I’ve operated in a service or many organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we do not 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 believe many factors one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have 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 think this is a process that needs looking at it requires altering but eventually individuals are really stuck with what they’re familiar

with right um modification is a hard thing all of us don’t like modification um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining numerous checking account however there’s a huge amount of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is big however I believe the honest answer is change um people haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or two there is a lot to track and this approach does pose a number of challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so

I 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 gained another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Claender 2019 2020