Papaya Global Database Version Does Not Match FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Database Version Does Not Match… roles on the supplier side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind 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 originates from and I truly do hope it’s much sunnier than it remains 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 extremely really uninspiring and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also review a wrap-up which needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and managing them becomes more and more intricate Global organizations are wanting to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment standpoint lots of organizations keep different bank account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep separate savings account in some cases in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies streamline the episode complex procedures of

making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient 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 importantly guidelines compliance information security and banking rules then there are the sheer numbers they add further complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll model there’s frequently a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or really really fundamental there’s no real consistency framework we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in global payroll the less of an image they see a lack of presence also reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of international businesses have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the information is delivered to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and say what is it what does not need to be included right 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to kind of progress with that it also also to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and financing teams work better together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 people anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being used by services across the world so again you’re just looking to add a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or genuine tough sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an age 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 agreed 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 staff members it is absolutely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging effect on people’s wellness and numerous other factors if individuals aren’t paid uh I have actually always been amazed entering into this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m not sure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is an excellent primary step um providing an end-to-end payroll service for your workers globally once again I believe is another substantial um process again lining up and ensuring you have standardization International procedures all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t believe any of us are actually 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 everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely I can’t picture 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 really see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies pick to primary separate checking account there are Papaya Global Database Version Does Not Match businesses out there doing exactly this for specific countries and I have actually operated in a business or many organizations doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I believe people have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs changing however ultimately individuals are extremely stuck with what they’re familiar

with ideal um change is a difficult thing we all do not like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having maintaining several checking account but there’s a huge amount of complexity opts for establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is substantial however I believe the sincere answer is change um individuals haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you have actually 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 genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to track and this technique does present several challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Database Version Does Not Match