Papaya Global Course Edinburgh FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Course Edinburgh… roles on the service provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort 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 raining here it’s extremely extremely gloomy and I want I was elsewhere at this moment in time alright 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 managing Global payroll why business maintain separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise discuss a wrap-up which must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and handling them ends up being more and more complex Worldwide companies are aiming to find Solutions and new ways to enhance procedures especially from a payroll and cross-border payment standpoint numerous companies keep separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep separate bank accounts in some cases in various countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business streamline the episode complex procedures of

Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to optimize working capital, and find how simplifying international payroll payments can change them from a difficult job into a tactical asset.

Managing payroll globally is a challenging job due to different regulations, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and services adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.

Standard payroll systems often result in manual procedures, information silos, and a lack of combination, causing disparities and ineffectiveness. Regardless of residing in a period of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to offer insights and services to streamline and optimize global payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of global organizations have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors improperly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is shipped to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be consisted of right and what does

it need to be considered there’s differing Bank details 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like extremely payments no if however some babies 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and financing groups work better together than ever um I’m always impressed when individuals state I have actually 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 divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high worth on well-being and the payment landscape is becoming increasingly detailed. Organizations are constantly introducing new advantages and payment alternatives, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically advanced era, there’s no justification for keeping cumbersome procedures. Payroll, the company’s greatest cost, should be processed correctly and on time. Even slight delays can negatively impact staff members’ well-being and have far-reaching consequences. Therefore, it’s vital to prioritize precise and prompt payments.

payroll team get um so I’m not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise 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 important that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a great primary step um offering an end-to-end payroll service for your employees worldwide again I think is another huge um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of services and decreasing the number of tools platforms and checking account they need for their Global 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 had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks

anyhow we know how how important a function 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 everyone that’s involved in those procedures and also so imagine sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean 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 really see what was going on and kind of try to return to everybody so moving on appearance why do business select to primary different checking account there are Papaya Global Course Edinburgh organizations out there doing precisely this for particular countries and I have actually operated in a company or lots of organizations doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I think individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I think this is a process that requires looking at it needs changing however eventually people are extremely stuck with what they’re familiar

with best um change is a difficult thing we all do not like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving numerous savings account but there’s a huge quantity of intricacy goes with establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is substantial however I think the honest response is modification um people haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to track and this technique does pose a number of obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a range 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 seems like our CFO has gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Course Edinburgh