Papaya Global Retrospective Eps FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Retrospective Eps… roles 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 everyone fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely dreary and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business keep different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll likewise review a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and managing them ends up being more and more complicated Worldwide organizations are looking to discover Solutions and new methods to streamline processes especially from a payroll and cross-border payment standpoint lots of companies maintain different bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to maintain separate checking account often in various countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies enhance the episode complex procedures of

Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can change them from a burdensome job into a strategic possession.

Handling payroll worldwide is a complicated job due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and organizations contributes to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.

Traditional payroll systems often lead to manual procedures, data silos, and a lack of integration, leading to inconsistencies and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and services to simplify and optimize international payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide businesses have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is delivered to the incorrect place the average cost of a global 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 globe payroll and payments do not run efficiently if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and say what is it what does not require to be included right and what does

it require to be thought of 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 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 client’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to kind of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more important to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by organizations throughout the world so once again you’re just seeking to include 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 however have you got any experience in kind of real challenges or real challenging sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would definitely 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 details into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t 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 tough as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any company has from an expense point of view from an effect point of view on employees it is absolutely critical 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 have to be done right it has the biggest harmful result on people’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been amazed coming into this Market sort of the last five to 10 years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. For that reason, it is necessary to ensure that tasks like Wi-Fi International and other crucial matters are done properly. Using the first International Payments very first payroll payment option is an excellent initial action towards supplying an extensive payroll option for workers worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and checking account needed for international payroll are essential factors in achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as planned. Ultimately, we do not do it for the gratitude.

anyway we understand how how crucial 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 easy as possible for everybody that’s associated with those processes and also so envision sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and sort of shot to get back to everyone so carrying on appearance why do companies choose to primary separate savings account there are Papaya Global Retrospective Eps organizations out there doing exactly this for specific nations and I have actually operated in a company or numerous companies doing exactly that I can say it does not always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t 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 standard I think individuals have actually got so used to we require a new savings 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 believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires looking at it needs altering however ultimately people are extremely stuck with what they recognize

with ideal um change is a difficult thing we all don’t like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining several bank accounts however there’s a huge amount of intricacy opts for establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big however I believe the truthful response is modification um individuals have not had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to monitor and this approach does present several challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so

I just did you switched our Business 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 workers you should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Retrospective Eps