Papaya Restaurant Worldmark FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Restaurant Worldmark… functions on the provider side and also on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates 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 very really dreary and I want 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 looking at the obstacle years of handling Worldwide payroll why companies maintain separate

Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies 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 possession so payroll can be hard in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they include additional complexity the worldwide Labor force is presently 3 and a half billion people by 2030 it’s approximated 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 worldwide in the standard payroll model there’s often a frustrating variety of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or really extremely basic there’s no real consistency structure we’re living in an era of tech but payroll has actually been sluggish 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 each time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more an organization spends on global payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide services have expressed 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 because of time reporting poor HCM data data entry mistakes poorly communicated 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 place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the necessary several 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 difficulties organization face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be consisted of right and what does

it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is absolutely vital but all over 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 take a look at the type of link in 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 permitting us to sort of move forward with that it also too to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 frequently split and cut up um eventually 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 however likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of essential to add to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by services throughout the world so again you’re just looking to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or real difficult kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from a cost perspective from an impact perspective on employees it is absolutely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been astonished coming into this Market kind of the last five to 10 years is how little thanks the

payroll team get um so I’m unsure anyone on this sort of webinar has actually been informed 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 employees or not um however ultimately payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just 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 stuff is definitely vital that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment service is a terrific first step um offering an end-to-end payroll service for your staff members internationally once again I think is another big um process again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and reducing the variety of tools platforms and savings account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate 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 quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we know 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 simple as possible for everyone that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing 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 need days of the week to attempt to browse them and in fact see what was going on and kind of try to return to everybody so moving on appearance why do business choose to primary separate checking account there are Papaya Restaurant Worldmark companies out there doing exactly this for particular nations and I’ve operated in a company or lots of services doing precisely that I can state it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for anybody where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering but eventually people are extremely stuck with what they recognize

with right um change is a difficult thing we all do not like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining several savings account but there’s a huge amount of complexity goes with setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is substantial however I think the honest answer is modification um people haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to monitor and this technique does present numerous challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Restaurant Worldmark