Papaya Global Description Courses FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Description Courses… functions on the supplier side and also on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately 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 interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really 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 drizzling here it’s extremely really uninspiring and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business preserve separate

Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly guidelines compliance data security and banking guidelines then there are the large numbers they add more intricacy the worldwide Labor force is presently three and a half billion people by 2030 it’s approximated 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 services and growing all doing their own thing around the globe in the traditional payroll model there’s often a frustrating number of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really really basic there’s no real consistency structure we’re residing in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in international payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide services 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 bad HCM information information entry mistakes poorly communicated hires and terminations along with lack management and system setups and then when you round everything off and the information is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary 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 company face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and state what is it what does not require to be included right and what does

it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 complexity any place you look best ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to sort of progress with that it also too to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work closer together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world puts a high worth on well-being and the payment landscape is ending up being increasingly elaborate. Businesses are constantly introducing new benefits and payment options, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technologically advanced age, there’s no validation for keeping troublesome treatments. Payroll, the business’s most significant cost, should be processed correctly and on time. Even slight hold-ups can negatively affect workers’ wellness and have significant repercussions. Therefore, it’s critical to prioritize accurate and prompt payments.

payroll group get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it fails 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 things is definitely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a fantastic primary step um supplying an end-to-end payroll option for your workers internationally once again I think is another substantial um process again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of companies and reducing the number of tools platforms and savings account they require for their Global payroll too couldn’t 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 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 problems where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we understand how how important a role 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 simple as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and type of try to return to everybody so carrying on look why do companies select to primary different checking account there are Papaya Global Description Courses organizations out there doing precisely this for specific countries and I’ve worked in a company or numerous organizations doing precisely that I can say 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 do not need to and any person that’s handling 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 numerous factors one is it’s the requirement I believe people have actually got so utilized to we require a brand-new bank 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 believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs changing but ultimately individuals are really stuck to what they recognize

with best um modification is a difficult thing all of us do not 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 lot of track of stuff um I understand clearly the benefits of having keeping several bank accounts but there’s a substantial amount of intricacy opts for setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is substantial but I think the truthful response is change um individuals have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to monitor and this method does posture numerous challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so

I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Description Courses