Papaya Global Install Instructions FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Install Instructions… functions on the service provider side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also discuss a recap which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and managing them becomes a growing number of intricate Worldwide organizations are looking to discover Solutions and new ways to enhance processes particularly from a payroll and cross-border payment viewpoint numerous organizations preserve separate bank account just for payroll while some have numerous accounts in different countries does it make sense for companies to keep different checking account in some cases in different nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of

making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they include more complexity the international Workforce is currently three and a half billion individuals by 2030 it’s estimated 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 businesses and growing all doing their own thing around the world in the traditional payroll model there’s typically a frustrating variety of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or very very 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 and that simply blows my mind each 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 state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of global companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the essential numerous 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 challenges company face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss 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 information so the length of an eye band a swift an account number routing code per nation 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 customer’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 absolutely essential and innovation is allowing us to sort of move forward with that it also too to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession 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 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 any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high worth on wellness and the payment landscape is ending up being progressively complex. Companies are continually presenting brand-new advantages and payment choices, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly sophisticated period, there’s no justification for preserving cumbersome procedures. Payroll, the company’s greatest expense, should be processed properly and on time. Even minor delays can negatively affect employees’ well-being and have significant repercussions. For that reason, it’s important to focus on precise and prompt payments.

payroll team get um so I’m not exactly sure anybody on this type of webinar has been told 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 however eventually payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the first International Payments first payroll payment solution is a great primary step um offering an end-to-end payroll solution for your employees globally once again I believe is another substantial um process once again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of businesses and reducing the number of tools platforms and bank accounts they need for their Worldwide 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 five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we understand how how essential 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine 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 interesting task 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 need days of the week to try to browse them and really see what was going on and type of try to get back to everybody so carrying on look why do companies select to main separate bank accounts there are Papaya Global Install Instructions organizations out there doing precisely this for specific countries and I have actually worked in a business or numerous organizations doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t need 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 numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new savings 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 just been the requirement and the standard the people have actually adopted 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 numerous other ways um to to type of do it so I believe there’s a range I believe this is a process that needs looking at it requires changing however eventually people are extremely stuck with what they recognize

with best um modification is a hard thing all of us don’t like modification um so I think it’s simply kind of moving away 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 maintaining numerous bank accounts but there’s a big quantity of intricacy opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial however I think the sincere answer is modification um people have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually always 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 know what could practically be figured out to be the next Century or so there is a lot to track and this technique does pose several difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Install Instructions