Papaya Global Furlough Pay FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Furlough Pay… roles on the company side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give 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 rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone 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 drizzling here it’s extremely extremely bleak and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business maintain separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also review 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 suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and managing them ends up being more and more intricate International organizations are wanting to discover Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment viewpoint lots of organizations maintain different savings account just for payroll while some have several accounts in various nations does it make sense for companies to keep different bank accounts often in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies improve the episode complex processes of

Making sure precise, effective, and prompt payroll payments is a complex challenge for organizations running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to optimize working capital, and discover how improving global payroll payments can transform them from a difficult task into a strategic possession.

Handling payroll globally is a difficult task due to numerous policies, compliance requirements, data security issues, and banking rules. The large number of staff members and services adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems often result in manual processes, information silos, and a lack of combination, leading to inconsistencies and ineffectiveness. In spite of residing in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to provide insights and solutions to streamline and optimize worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business spends on global payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide organizations have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors inadequately communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be included best 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 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 need to pay from the customer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they are like very payments no if but some infants 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of progress with that it also also to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely important that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high worth on well-being and the payment landscape is ending up being increasingly detailed. Companies are continuously presenting new benefits and payment alternatives, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technically innovative era, there’s no validation for preserving cumbersome procedures. Payroll, the business’s biggest expense, must be processed properly and on time. Even small delays can adversely affect employees’ wellness and have significant consequences. Therefore, it’s crucial to prioritize accurate and prompt payments.

payroll group get um so I’m uncertain anyone on this kind of webinar has been informed thank you for processing my payroll properly 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 ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout 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 vital that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is a terrific initial step um providing an end-to-end payroll option for your employees worldwide once again I believe is another substantial um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and minimizing the number of tools platforms and checking account they need for their Global 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 problems where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks

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 associated with those procedures and likewise so think of sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of try to return to everyone so moving on appearance why do companies pick to main separate savings account there are Papaya Global Furlough Pay services out there doing exactly this for specific countries and I’ve operated in a service or lots of businesses doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for any person 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 believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I believe people have got so used to we need a brand-new savings account we open an entity and appropriately 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 norm individuals have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires changing but ultimately people are very stuck to what they recognize

with ideal um modification is a difficult thing all of us don’t like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving several bank accounts however there’s a big amount of intricacy chooses establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is substantial but I think the sincere answer is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or so there is a lot to keep an eye on and this approach does position numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Furlough Pay