Papaya Global Training Courses Glasgow FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Training Courses Glasgow… functions on the supplier side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes 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 raining here it’s really extremely bleak and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business keep different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also discuss a recap and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and managing them ends up being increasingly more complex Global companies are seeking to discover Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment perspective many organizations keep different bank account just for payroll while some have numerous accounts in various nations does it make sense for business to keep separate checking account sometimes in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies improve the episode complex processes of

making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they add additional intricacy the international Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s often an overwhelming number of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or really extremely fundamental there’s no genuine consistency framework we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of international services have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is delivered to the wrong location the average cost 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 world payroll and payments do not run smoothly if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be consisted of 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 time frames there’s payment capabilities 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 complexity any place you look ideal eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to kind of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the

The modern world places a high worth on well-being and the settlement landscape is becoming increasingly detailed. Companies are continually introducing new advantages and payment alternatives, which contributes to the overall complexity. Large corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s highly sophisticated age, there’s no reason for maintaining troublesome procedures. Payroll, the business’s biggest expense, need to be processed properly and on time. Even small delays can negatively affect staff members’ well-being and have significant repercussions. Therefore, it’s important to prioritize accurate and timely payments.

payroll team get um so I’m uncertain anybody 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 employees or not um however eventually payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll solution for your employees globally once again I believe is another big um process once again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of companies and lowering the variety of tools platforms and checking 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 do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks

anyhow we know how how important 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of try to get back to everybody so carrying on appearance why do companies select to primary different savings account there are Papaya Global Training Courses Glasgow businesses out there doing precisely this for particular nations and I have actually operated in a business or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and anyone 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 believe lots of factors one is it’s the standard I believe people have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it requires changing but eventually people are extremely stuck to what they’re familiar

with best um modification is a difficult thing we all don’t like modification um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining multiple bank accounts however there’s a big quantity of intricacy chooses establishing a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is substantial but I believe the honest response is change um individuals have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we have actually 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 understand what could almost be identified to be the next Century approximately there is a lot to track and this approach does pose several challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety 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 employees 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 Training Courses Glasgow