Papaya Global Training Liverpool FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Training Liverpool… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really gloomy and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain different

Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most notably guidelines compliance information security and banking rules then there are the sheer numbers they add further complexity the worldwide Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s typically a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really very standard there’s no genuine consistency framework we’re living in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies 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 international payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international services have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the essential multiple 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 challenges service face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and state what is it what does not require to be included ideal and what does

it require to be thought about there’s varying 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 client’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to sort of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide 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 procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high worth on wellness and the compensation landscape is becoming progressively elaborate. Companies are constantly presenting new advantages and payment choices, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technologically advanced era, there’s no justification for maintaining troublesome procedures. Payroll, the business’s biggest expense, need to be processed correctly and on time. Even slight hold-ups can adversely impact workers’ wellness and have significant effects. Therefore, it’s vital to focus on accurate and timely payments.

payroll group get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a great primary step um offering an end-to-end payroll solution for your workers globally once again I think is another substantial um process once again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of companies and decreasing the number of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten 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 think any of us are really doing that for for the thanks

anyway we understand how how crucial 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 everyone that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na state picture 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 speaking about numerous thousands potentially Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and sort of try to get back to everybody so proceeding look why do companies select to primary separate checking account there are Papaya Global Training Liverpool organizations out there doing precisely this for specific countries and I’ve operated in an organization or numerous companies doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t have to and anybody that’s dealing with 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 reasons one is it’s the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and rightly 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 standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a process that requires looking at it needs altering however eventually individuals are extremely stuck to what they recognize

with ideal um modification is a challenging thing all of us do not like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining multiple savings account but there’s a big quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the intricacy is substantial but I think the honest answer is change um individuals haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to monitor and this method does present numerous obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Training Liverpool