Papaya Global Support Login FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Support Login… roles on the company side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business keep separate

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.

Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to optimize working capital, and find how simplifying international payroll payments can transform them from a challenging task into a tactical possession.

Managing payroll internationally is a daunting job due to different policies, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and companies adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.

Traditional payroll systems typically result in manual processes, data silos, and an absence of combination, causing inconsistencies and inefficiencies. Despite residing in an age of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and services to simplify and optimize worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they rely on the needed multiple 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 paying to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t require to be included best and what does

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 country there’s payment time frames 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 customer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly payments no if however 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 think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to kind of progress with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing teams work more detailed together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of crucial to contribute to kind of the level of intricacy there’s more and more advantages being organ or being offered by businesses across the world so again you’re simply looking to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or real tough sort of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works 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 however you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from an expense point of view from an effect viewpoint on employees it is absolutely crucial 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 wellness and numerous other factors if individuals aren’t paid uh I’ve always been impressed entering this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment option is a great first step um offering an end-to-end payroll option for your staff members globally once again I think is another big um process again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and savings account they need 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 ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks

anyway we know how how essential 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that lots of 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 certainly be an interesting task attempting 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 check out them and really see what was going on and kind of try to return to everybody so moving on appearance why do business choose to primary different bank accounts there are Papaya Global Support Login companies out there doing precisely this for specific nations and I’ve worked in a business or numerous organizations doing precisely that I can state it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and anybody 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 many reasons one is it’s the requirement I believe individuals have got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually 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 think there’s a variety I think this is a process that needs looking at it needs altering however eventually people are really stuck to what they’re familiar

with right um modification is a tough thing all of us do not like modification um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having keeping numerous bank accounts however there’s a huge quantity of complexity chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is huge but I think the truthful response is modification um people have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep an eye on and this method does present a number of difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so

I just did you changed our Business 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 International workers you are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Support Login