Papaya Global Says Previously Installed FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Says Previously Installed… roles on the provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting 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 remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I wish I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll also go over a recap which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them ends up being a growing number of complicated Global organizations are aiming to find Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment viewpoint lots of companies keep different savings account just for payroll while some have numerous accounts in various nations does it make good sense for companies to keep different savings account often in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business enhance the episode complex processes of

Ensuring precise, effective, and prompt 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 savings account, find out how companies anticipate payroll costs to enhance working capital, and find how streamlining global payroll payments can change them from a burdensome task into a strategic property.

Managing payroll internationally is a difficult task due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and services adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million services worldwide.

Conventional payroll systems typically result in manual processes, data silos, and a lack of integration, resulting in disparities and ineffectiveness. In spite of residing in an age of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to provide insights and options to simplify and enhance global payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in global payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of international companies have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is shipped to the wrong location the typical expense of an international 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 efficiently if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be consisted of ideal and what does

it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to type of progress with that it also also to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people any place they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being a growing number of essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so once again you’re simply wanting to add increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or real tough type of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require 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 age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense perspective from an impact perspective on staff members it is absolutely critical that it’s done correctly and on time so what we suggest 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 damaging result on individuals’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all become aware of it when it fails everybody 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the first Global Payments first payroll payment option is a great initial step um offering an end-to-end payroll service for your workers worldwide once again I think is another big um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and minimizing the number of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect 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 rather where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks

anyhow 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 simple as possible for everybody that’s associated with those procedures and likewise so think of sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and sort of try to return to everyone so moving on appearance why do business select to main separate checking account there are Papaya Global Says Previously Installed organizations out there doing exactly this for specific countries and I’ve worked in an organization or many businesses doing precisely that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and any person that’s dealing with 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 amount that we are I think lots of reasons one is it’s the standard I believe people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires changing however ultimately individuals are extremely stuck with what they’re familiar

with best um change is a hard thing we all do not like modification um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having keeping numerous savings account however there’s a big amount of complexity chooses setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is big however I believe the sincere response is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to track and this approach does present numerous difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Says Previously Installed