Papaya Global Reconciliation FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Reconciliation… roles on the provider side and likewise on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join all of us 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 everyone is um it’s nice to to kind of like see where everyone originates 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 drizzling here it’s really very bleak and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business preserve different

Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to enhance working capital, and discover how improving global payroll payments can transform them from a difficult task into a strategic possession.

Handling payroll worldwide is a difficult job due to various regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and companies contributes to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems often result in manual procedures, data silos, and a lack of combination, causing inconsistencies and inefficiencies. In spite of living in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to supply insights and services to streamline and enhance worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service invests in global payroll the less of an image they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global services 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 information data entry errors badly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be included ideal and what does

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it require to be thought about there’s varying 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 abilities so can you pay it from International or do you have 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 ideal eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they are like very payments no if but some babies 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 absolutely basic and technology is permitting us to sort of move on with that it also too to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly amazed when people say 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more essential to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being used by companies across the world so once again you’re just seeking to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from a cost perspective from an effect point of view on staff members it is definitely critical 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 have to be done right it has the biggest destructive impact on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last 5 to ten years is how little thanks the

The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the first Global Payments very first payroll payment solution is a great preliminary step towards supplying an extensive payroll service for workers worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and checking account essential for worldwide payroll are essential factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as planned. Eventually, we don’t do it for the appreciation.

anyhow we understand how how crucial 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 simple as possible for everyone that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of 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 but it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision 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 try to return to everyone so carrying on appearance why do companies pick to primary different checking account there are Papaya Global Reconciliation businesses out there doing precisely this for specific nations and I have actually worked in an organization or numerous companies doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and any person that’s handling that procedure 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 many factors one is it’s the requirement I think individuals have actually got so used to we need a brand-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 norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it requires altering however eventually people are really stuck with what they recognize

with right um modification is a challenging thing we all do not like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving numerous checking account however there’s a huge amount of intricacy goes with establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is huge however I believe the honest response is change um individuals have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or two there is a lot to monitor and this approach does posture several difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so

I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Reconciliation