Papaya Global Reports On Payment Type FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Reports On Payment Type… functions on the provider side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort 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 raining here it’s very very dreary and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we’ll likewise go over a wrap-up and that should leave his time at the very really 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 International labor forces become more and more typical and managing them becomes more and more complex Worldwide organizations are seeking to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment viewpoint many companies maintain separate bank account just for payroll while some have several accounts in different countries does it make good sense for companies to preserve different checking account sometimes in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business simplify the episode complex procedures of

Ensuring accurate, effective, and timely payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to optimize working capital, and discover how enhancing international payroll payments can change them from a challenging task into a tactical property.

Managing payroll globally is a challenging task due to different regulations, compliance requirements, information security concerns, and banking rules. The sheer number of employees and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.

Standard payroll systems frequently result in manual procedures, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. In spite of residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to offer insights and services to simplify and enhance international 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 offers me sleep deprived nights and quite honestly the more a service invests in global payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and state what is it what doesn’t need to be included right and what does

it need to be considered there’s differing Bank details 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 consumer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to type of progress with that it likewise as well to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work better together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being provided by services across the world so again you’re simply looking to add a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine difficulties or real difficult sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would certainly state that the larger a company 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 teams feeding information into the next function as it were that’s actually managing 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 extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any business has from an expense point of view from an effect viewpoint on workers it is definitely vital that it’s done properly and on time so what we imply 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 people’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this type of webinar has 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 staff members or not um however ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is an excellent first step um supplying an end-to-end payroll solution for your workers worldwide again I think is another big um process once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of services and reducing the number of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks

anyway 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 easy as possible for everybody that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh definitely 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 in fact see what was going on and type of shot to return to everyone so moving on appearance why do companies select to main separate checking account there are Papaya Global Reports On Payment Type businesses out there doing exactly this for particular nations and I have actually worked in a company or lots of organizations doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we do not have to and any person that’s handling 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 quantity that we are I believe lots of factors one is it’s the standard I believe individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes however 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 individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I believe this is a process that requires looking at it requires changing however ultimately individuals are very stuck to what they recognize

with right um change is a challenging thing all of us do not like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping numerous checking account however there’s a substantial amount of complexity chooses setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is substantial but I believe the truthful answer is modification um individuals have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or so there is a lot to monitor and this technique does posture a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so

I just did you changed 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 Global employees you are worthy of a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Reports On Payment Type