Papaya Global Nline Payslip FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Nline Payslip… functions on the service provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply 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 sunshine is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies preserve different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a recap which should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them ends up being increasingly more intricate Worldwide companies are wanting to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment standpoint lots of companies maintain different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain separate bank accounts in some cases in various countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business enhance the episode complex processes of

Ensuring precise, efficient, and prompt payroll payments is a complex challenge for services running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to optimize working capital, and find how enhancing international payroll payments can transform them from a difficult job into a tactical property.

Handling payroll internationally is a difficult job due to different policies, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and organizations adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Conventional payroll systems frequently lead to manual procedures, data silos, and a lack of combination, causing disparities and inadequacies. In spite of living in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and services to simplify and enhance global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in global payroll the less of a photo they see a lack of exposure likewise 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 worldwide organizations have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the data is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they depend on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view 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 say what is it what does not require to be consisted of right and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble incredibly payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to kind of progress with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely important that payroll and financing teams work more detailed together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more essential to add to sort of the level of complexity there’s more and more benefits being organ or being provided by companies across the world so again you’re just wanting to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense point of view from an impact perspective on staff members it is definitely critical that it’s done properly and on time so what we mean 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 damaging effect on people’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this kind of webinar has actually 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 however eventually payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise 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 things is definitely essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment service is a fantastic initial step um supplying an end-to-end payroll option for your employees internationally again I believe is another huge um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of organizations and minimizing the number of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not think any of us are really 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 easy as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of shot to return to everybody so carrying on appearance why do companies select to primary separate bank accounts there are Papaya Global Nline Payslip services out there doing precisely this for specific nations and I’ve worked in an organization or lots of businesses doing precisely that I can state it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe individuals have got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering but eventually people are very stuck to what they’re familiar

with right um modification is a challenging thing we all do not like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining multiple bank accounts but there’s a huge amount of intricacy goes with establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is huge but I believe the sincere answer is change um individuals have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this technique does position numerous challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Nline Payslip