Papaya Global P6 Notice FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global P6 Notice… roles on the provider side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really dreary and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a recap which must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and handling them ends up being increasingly more complicated Global companies are wanting to discover Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment perspective lots of organizations keep separate bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep different bank accounts often in various nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business improve the episode complex processes of

Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to enhance working capital, and discover how simplifying global payroll payments can change them from a troublesome job into a strategic asset.

Managing payroll internationally is an overwhelming task due to various policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and companies contributes to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.

Traditional payroll systems typically result in manual procedures, data silos, and a lack of combination, causing inconsistencies and inadequacies. In spite of residing in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and solutions to streamline and enhance global payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in international payroll the less of an image they see an absence of presence also extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide organizations have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors improperly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is delivered to the wrong location the typical cost 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 needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a great question I always toss this back and say what is it what does not need to be included right and what does

it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 consumer’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to kind of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more important to add to sort of the level of intricacy there’s more and more advantages being organ or being offered by businesses across the world so once again you’re simply seeking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or genuine difficult kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly say that the bigger 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 groups feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any company has from an expense perspective from an impact perspective on employees it is definitely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental result on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the

The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just observe when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. Therefore, it is vital to guarantee that tasks like Wi-Fi International and other important matters are done correctly. Using the first International Payments very first payroll payment option is a fantastic initial action towards providing a thorough payroll service for workers worldwide. Standardization, global processes, and reducing the number of tools, platforms, and bank accounts necessary for worldwide payroll are essential consider accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Eventually, we do not do it for the thankfulness.

anyhow we understand how how essential a role 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 processes and also so envision sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying 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 require days of the week to attempt to check out them and actually see what was going on and type of shot to get back to everybody so proceeding appearance why do companies select to main different checking account there are Papaya Global P6 Notice companies out there doing exactly this for specific countries and I’ve operated in a service or lots of businesses doing precisely that I can state it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we don’t have to and anybody that’s dealing with 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 many factors one is it’s the standard I think individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing however eventually individuals are really stuck with what they’re familiar

with ideal um change is a challenging thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving multiple bank accounts however there’s a big amount of intricacy goes with establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is big but I believe the sincere response is change um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to monitor and this approach does pose numerous obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so

I simply 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 International staff members you deserve a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global P6 Notice