Papaya Global Training Manchester FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Training Manchester… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type 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 very really gloomy and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up which needs to leave his time at the very 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 workforces end up being more and more typical and managing them becomes a growing number of complicated Global companies are looking to discover Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint many organizations preserve separate savings account just for payroll while some have multiple accounts in various countries does it make sense for business to keep separate bank accounts in some cases in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex processes of

making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly guidelines compliance information security and banking guidelines then there are the large numbers they add further complexity the international Workforce is presently three and a half billion individuals by 2030 it’s approximated 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 organizations and growing all doing their own thing all over the world in the traditional payroll design there’s often an overwhelming variety of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely really standard there’s no real consistency structure we’re living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind every time I I think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of international organizations have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes badly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the required 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 obstacles organization face when they’re paying to workers or otherwise that’s a great question I always toss this back and state what is it what does not need to be consisted of ideal and what does

it require to be considered there’s varying Bank details 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if but some babies 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 technology is permitting us to sort of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high worth on wellness and the payment landscape is becoming progressively elaborate. Companies are continuously presenting new advantages and payment options, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s highly sophisticated age, there’s no validation for maintaining troublesome treatments. Payroll, the business’s greatest cost, need to be processed properly and on time. Even minor delays can negatively impact workers’ well-being and have significant consequences. Therefore, it’s critical to prioritize precise and timely payments.

payroll team get um so I’m not sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all hear about it when it fails everyone 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a great primary step um offering an end-to-end payroll service for your workers worldwide again I believe is another big um procedure again aligning and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and minimizing the number of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not think any of us are in fact 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 involved in those procedures and likewise so think of sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating 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 need days of the week to try to look through them and in fact see what was going on and kind of try to get back to everybody so moving on appearance why do business select to main separate checking account there are Papaya Global Training Manchester organizations out there doing exactly this for particular countries and I’ve operated in a business or lots of services doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we do not need to and anybody that’s dealing with 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 believe many reasons one is it’s the requirement I believe individuals have got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs altering however ultimately people are very stuck with what they’re familiar

with best um change is a tough thing all of us don’t like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving numerous savings account however there’s a big quantity of complexity opts for establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is huge however I believe the sincere answer is change um people have not been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does posture numerous difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Training Manchester