Problem Upgrading Database Papaya Global FAQ – Payroll Management 2024

Over the last 5 or 6 years …Problem Upgrading Database Papaya Global… roles on the company side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really 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 very extremely gloomy and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we’ll likewise discuss a recap and that should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and managing them becomes increasingly more complex International organizations are looking to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment standpoint numerous organizations keep different bank account just for payroll while some have multiple accounts in various countries does it make good sense for business to maintain different savings account often in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies simplify the episode complex procedures of

making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most notably policies compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the global Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s frequently an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or really extremely 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 typically with pen and paper and that just blows my mind each 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 organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of global organizations have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the incorrect location 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 all over the world payroll and payments don’t run efficiently if they count on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included ideal and what does

it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 absolutely fundamental and technology is allowing us to sort of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the

The modern world places a high value on well-being and the settlement landscape is becoming progressively intricate. Services are continuously introducing new advantages and payment options, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s highly advanced period, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s most significant expenditure, need to be processed properly and on time. Even small delays can negatively impact employees’ wellness and have significant effects. For that reason, it’s critical to prioritize precise and prompt payments.

payroll group get um so I’m unsure anyone 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 staff members or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong 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 stuff is definitely crucial that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a great primary step um supplying an end-to-end payroll option for your staff members worldwide again I believe is another big um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and savings account they require 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 have actually never 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 problems where things have not gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks

anyhow we understand 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 easy as possible for everyone that’s involved in those processes and also so imagine sorry I’m simply I was just gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everybody so proceeding appearance why do business select to main separate bank accounts there are Problem Upgrading Database Papaya Global companies out there doing precisely this for particular nations and I’ve worked in a business or many businesses doing exactly that I can say it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not 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 think numerous factors one is it’s the requirement I think individuals have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires changing however ultimately people are really stuck with what they’re familiar

with best um change is a tough thing we all don’t like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having preserving several savings account but there’s a big amount of intricacy opts for setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is substantial however I think the truthful response is change um people have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I think you’ve hit 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 looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep track of and this method does pose numerous obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this improved ability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Problem Upgrading Database Papaya Global