Papaya Global Update V26.1 FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Update V26.1… roles on the company side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody 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 drizzling here it’s really extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business preserve different

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property 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.

Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to optimize working capital, and discover how enhancing worldwide payroll payments can change them from a difficult task into a strategic property.

Handling payroll globally is a challenging task due to different guidelines, compliance requirements, information security issues, and banking guidelines. The large variety of staff members and services contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.

Standard payroll systems often lead to manual processes, information silos, and a lack of integration, causing disparities and ineffectiveness. In spite of residing in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance global payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of an image they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global organizations have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to 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 it all off and the information is delivered to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and state what is it what does not require to be consisted of best and what does

it require to be thought of 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 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 any place you look best ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble extremely payments no if but some infants 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 definitely essential and innovation is enabling us to kind of move on with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly amazed 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 work in the payroll occupation would they split the payroll payment from calculation 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 process it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the

The modern world positions a high worth on well-being and the settlement landscape is ending up being significantly complex. Businesses are continuously introducing new advantages and payment choices, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my viewpoint, this does not need to hold true. In today’s technically sophisticated era, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s biggest cost, should be processed properly and on time. Even minor hold-ups can adversely impact employees’ wellness and have significant repercussions. Therefore, it’s important to focus on accurate and timely payments.

payroll team 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 excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle all of us become aware of it when it fails 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the very first International Payments first payroll payment service is a great initial step um supplying an end-to-end payroll solution for your staff members internationally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of organizations and minimizing the variety of tools platforms and savings account they need for their International 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’ve never had a hundred countless 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 suggested to be um I don’t think any of us are actually doing that for for the thanks

anyhow we know how how crucial a function 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 everybody that’s involved in those procedures and also so think of sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and sort of shot to return to everyone so carrying on appearance why do companies select to primary different savings account there are Papaya Global Update V26.1 companies out there doing exactly this for particular countries and I’ve operated in a service or numerous services doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have 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 think lots of reasons one is it’s the standard I believe people have actually got so used to we require a brand-new checking 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 think it’s simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it requires altering however eventually people are really stuck to what they’re familiar

with best um change is a tough thing all of us do not like modification um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple checking account however there’s a big amount of intricacy chooses setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is substantial however I think the honest response is change um people have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve constantly 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 could almost be determined to be the next Century or two there is a lot to track and this method does posture a number of challenges um so Johnny might you tell 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Update V26.1