Papaya Global Quiz Awards FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Quiz Awards… functions on the company side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or so 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 kind of like see where everybody originates from and I truly 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 drizzling here it’s extremely very bleak and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business maintain different

Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.

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 bank account how companies precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add further intricacy the international Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll model there’s frequently a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely very basic there’s no real consistency framework we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in international payroll the less of an image they see an absence of presence also reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide organizations have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they count on the required several 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 business face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and say what is it what does not need to be consisted of ideal and what does

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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 time frames there’s payment capabilities 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 client’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is definitely important but everywhere you look with payroll payment they are like incredibly payments no if but 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 definitely basic and innovation is permitting us to sort of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more important to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations throughout the world so again you’re just seeking to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine tough type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of decades I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any business has from an expense perspective from an effect point of view on staff members it is absolutely critical 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 biggest destructive result on people’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been astonished coming into this Market kind of the last 5 to 10 years is how little thanks the

The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only see when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. For that reason, it is important to ensure that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the first International Payments first payroll payment option is a terrific preliminary action towards providing an extensive payroll service for workers worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and checking account necessary for international payroll are crucial consider achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as planned. Ultimately, we do not do it for the thankfulness.

anyhow we understand how how important 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision 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 definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and type of shot to get back to everyone so proceeding look why do companies pick to main different savings account there are Papaya Global Quiz Awards services out there doing precisely this for particular nations and I have actually worked in a company or lots of companies doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I believe people have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs altering however ultimately people are extremely stuck to what they’re familiar

with right um modification is a tough thing we all do not like change um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining multiple bank accounts however there’s a substantial amount of complexity chooses setting up a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is huge but I think the honest response is modification um individuals haven’t had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve 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 reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century approximately there is a lot to track and this approach does posture numerous difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I just did you switched 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 Global employees you deserve a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Quiz Awards