Papaya Global Maternity Leave FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Maternity Leave… functions on the service provider side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll likewise review a wrap-up which should leave his time at the extremely 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 International workforces end up being increasingly more common and handling them becomes a growing number of complicated Worldwide companies are seeking to find Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment standpoint many organizations maintain different bank account just for payroll while some have several accounts in various countries does it make sense for business to keep different savings account in some cases in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex procedures of

Making sure precise, efficient, and prompt payroll payments is a complex difficulty for services operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to enhance working capital, and find how streamlining international payroll payments can change them from a challenging task into a tactical possession.

Managing payroll internationally is a complicated job due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and organizations contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.

Standard payroll systems typically lead to manual procedures, information silos, and an absence of combination, causing inconsistencies and ineffectiveness. In spite of residing in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to offer insights and solutions to streamline and enhance worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on global payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international services have expressed 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 because of time reporting bad HCM information information entry mistakes badly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be included right and what does

it require to be considered there’s differing 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 capabilities so can you pay it from International or do you need 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 ideal ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to type of move on with that it also also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work better together than ever um I’m always surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually 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 but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more important to add to type of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses across the world so once again you’re simply wanting to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine challenging type of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would certainly say that the larger a business 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 information into the next function as it were that’s really handling 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 understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need 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 hard as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost point of view from an effect point of view on employees it is absolutely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive result on people’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last five to 10 years is how little thanks the

The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only notice when things fail. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally also. For that reason, it is important to ensure that tasks like Wi-Fi Global and other important matters are done properly. Utilizing the very first Global Payments first payroll payment service is an excellent initial action towards providing a thorough payroll option for employees worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and savings account essential for international payroll are crucial consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as planned. Eventually, we do not do it for the appreciation.

anyhow we know how how important a function 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 involved in those processes and also so think of sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of shot to get back to everybody so moving on look why do companies select to main different savings account there are Papaya Global Maternity Leave organizations out there doing precisely this for particular countries and I have actually worked in a company or lots of companies doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and any person that’s managing that procedure 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 lots of reasons one is it’s the requirement I think individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately 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 just been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing however ultimately individuals are really stuck to what they’re familiar

with ideal um modification is a difficult thing we all don’t like change um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping several savings account however there’s a big amount of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is huge but I think the honest answer is change um individuals haven’t been able to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit 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 reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand 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 challenges um so Johnny could you tell us about those difficulties 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 staff members you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Maternity Leave