Papaya Global Courses Stamford FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Courses Stamford… roles on the supplier side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give 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 rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very bleak and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll also discuss a recap which ought to leave his time at the extremely really 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 labor forces end up being a growing number of typical and handling them becomes more and more complex Worldwide organizations are wanting to discover Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment perspective lots of organizations keep different bank account just for payroll while some have multiple accounts in various countries does it make sense for companies to keep separate bank accounts in some cases in various countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business enhance the episode complex procedures of

making payroll payments precisely efficiently safely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most notably policies compliance data security and banking rules then there are the sheer numbers they add more intricacy the global Labor force is presently 3 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 currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s often a frustrating number of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really extremely standard there’s no genuine consistency structure we’re residing in an age 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 and that simply blows my mind whenever I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international organizations have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors improperly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they depend on the necessary multiple 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 difficulties service face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be included ideal and what does

it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 allowing us to kind of progress with that it likewise too to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I’m constantly surprised 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 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world places a high worth on wellness and the payment landscape is becoming significantly complex. Businesses are continuously introducing new benefits and payment choices, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technically advanced age, there’s no validation for keeping troublesome procedures. Payroll, the business’s biggest cost, need to be processed properly and on time. Even small hold-ups can negatively impact workers’ well-being and have significant effects. For that reason, it’s crucial to prioritize accurate and timely payments.

payroll group get um so I’m uncertain anybody on this kind of webinar has actually 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 a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe 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 essential that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is a terrific primary step um supplying an end-to-end payroll service for your employees globally again I think is another big um process once again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of companies and lowering the number of tools platforms and bank accounts they require 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 do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks

anyhow we understand how how crucial 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 simple as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean up 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 need days of the week to try to browse them and in fact see what was going on and type of shot to return to everyone so carrying on appearance why do companies pick to main different savings account there are Papaya Global Courses Stamford companies out there doing exactly this for particular nations and I have actually worked in a service or lots of services doing precisely that I can state it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s handling that process 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 numerous factors one is it’s the standard I think individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people 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 numerous other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately individuals are very stuck with what they recognize

with ideal um change is a difficult thing all of us don’t like modification um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving numerous bank accounts but there’s a substantial amount of complexity goes with establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is big but I think the honest answer is change um individuals have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying 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 posture numerous obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so

I just 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 Global staff members you deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Courses Stamford