Papaya Global Free Trial Download FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Free Trial Download… functions on the company side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody 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 drizzling here it’s extremely extremely bleak and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business keep separate

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the global Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people 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 all over the world in the standard payroll design there’s frequently an overwhelming number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or very extremely basic there’s no genuine consistency structure we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company invests in global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability 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 require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round it all off and the information is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be consisted of best and what does

it need 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 timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to sort of move on with that it also too to contribute to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing teams work closer together than ever um I’m constantly impressed when people state I’ve divided 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 split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more crucial to add to kind of the level of complexity there’s increasingly more benefits being organ or being used by businesses across the world so again you’re just aiming to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine tough type of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from an expense point of view from an impact point of view on employees it is definitely important that it’s done properly and on time so what we indicate 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 harmful impact on people’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this type of webinar has 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 staff members or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think 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 definitely important that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is an excellent first step um providing an end-to-end payroll service for your workers worldwide again I believe is another huge um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of services and lowering the variety of tools platforms and bank accounts they need for their International 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 anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks

anyhow we understand how how important 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 everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of shot to return to everyone so moving on look why do companies choose to main different savings account there are Papaya Global Free Trial Download businesses out there doing precisely this for specific countries and I have actually operated in an organization or many companies doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and anyone that’s managing that procedure 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 think lots of reasons one is it’s the requirement I think people have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you require 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 norm the people have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing however eventually individuals are very stuck to what they recognize

with right um change is a tough thing we all do not like modification um so I believe it’s just kind 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 maintaining multiple savings account however there’s a big amount of intricacy opts for establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is big but I think the honest answer is modification um people have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component 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 could nearly be identified to be the next Century approximately there is a lot to track and this technique does present a number of obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so

I just did you switched 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 staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Free Trial Download