Papaya Global Fps Data FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Fps Data… roles on the company side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days 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 everyone originates from and I actually 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 really really gloomy 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 difficulty years of handling International payroll why companies maintain separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll likewise review a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more typical and handling them ends up being a growing number of intricate Global companies are seeking to discover Solutions and brand-new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of organizations maintain different bank account just for payroll while some have numerous accounts in various countries does it make good sense for companies to preserve separate checking account often in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies improve the episode complex processes of

making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly regulations compliance information security and banking rules then there are the sheer numbers they include more complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll model there’s frequently a frustrating variety of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely really basic there’s no genuine consistency framework we’re living in an age of tech however 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 every time I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business spends on global payroll the less of a photo they see an absence of exposure also reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of international services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is delivered to the wrong place the average expense 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 money around the world payroll and payments do not run smoothly if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does

it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 client’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is definitely important but all over you look with payroll payment they resemble super 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of move on with that it also also to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely necessary that payroll and finance teams work closer together than ever um I’m always amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry 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 wherever they are however also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of important to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations across the world so again you’re simply wanting to add increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or genuine tough kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense viewpoint from an impact perspective on workers it is absolutely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on individuals’s wellness and lots of other elements if individuals aren’t paid uh I’ve constantly been impressed coming into this Market sort of the last five to 10 years is how little thanks the

The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only notice when things go wrong. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally as well. For that reason, it is vital to make sure that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the very first Global Payments first payroll payment option is an excellent preliminary action towards offering a comprehensive payroll option for employees worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and savings account needed for international payroll are essential factors in achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as planned. Eventually, we don’t do it for the gratitude.

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 simple as possible for everyone that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision 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 definitely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and type of try to get back to everybody so moving on look why do business choose to main separate savings account there are Papaya Global Fps Data businesses out there doing exactly this for particular nations and I’ve operated in a company or numerous organizations doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe people have got so utilized to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires altering however ultimately individuals are extremely stuck to what they’re familiar

with ideal um modification is a difficult thing all of us don’t like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping numerous savings account but there’s a substantial amount of complexity goes with establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is huge but I think the truthful answer is change um individuals have not had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to keep track of and this approach does pose a number of challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so

I simply did you changed our Enterprise 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 International employees you are worthy of a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Fps Data