Papaya Global Programs For Accountants FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Programs For Accountants… functions on the provider side and likewise on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody 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 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 gloomy and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies maintain different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also review a recap and that needs to 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 International workforces become more and more typical and handling them becomes a growing number of intricate Global companies are looking to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment perspective numerous organizations preserve different bank account just for payroll while some have several accounts in different countries does it make good sense for business to keep different checking account often in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business streamline the episode complex procedures of

making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they add further complexity the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s typically a frustrating variety of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely really basic there’s no genuine consistency framework we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I think

about it to provide you an idea 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 offers me sleep deprived nights and quite frankly the more a company invests in international payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of global businesses have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the required numerous processes 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 a great concern I constantly toss this back and say what is it what does not require to be consisted of 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 country there’s payment timespan there’s payment abilities 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 customer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of progress with that it also also to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely important that payroll and financing groups work closer together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of crucial to add to type of the level of complexity there’s more and more advantages being organ or being provided by companies across the world so once again you’re just looking to add more and more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real difficulties or real tough type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we run in they just make them more timely they make them less efficient 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 we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single biggest liability that any organization has from a cost perspective from an effect perspective on workers it is definitely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful impact on people’s wellness and many other elements if individuals aren’t paid uh I have actually always been impressed entering this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong 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 stuff is definitely crucial that all of this things is done correctly so leveraging the very first International Payments first payroll payment option is an excellent primary step um supplying an end-to-end payroll option for your employees worldwide once again I think is another big um process again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and reducing the number of tools platforms and savings account they require for their Global 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 ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks

anyhow we know how how important 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 everybody that’s associated with those procedures and likewise so think of sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and sort of shot to return to everyone so moving on look why do business select to primary different bank accounts there are Papaya Global Programs For Accountants services out there doing exactly this for specific countries and I have actually operated in a service or many companies doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating extra work for any person where we don’t need to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe individuals have actually got so used to we need a new bank account we open an entity and appropriately 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 passed by to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a process that needs looking at it needs changing however ultimately people are very stuck with what they recognize

with right um modification is a difficult thing we all don’t like change um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping numerous savings account but there’s a substantial quantity of intricacy goes with setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is substantial however I think the truthful answer is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century approximately there is a lot to monitor and this technique does position several obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Programs For Accountants