Student Loans On Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Student Loans On Papaya Global… functions on the company side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide 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 kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 raining here it’s very really dreary and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also discuss a wrap-up and that 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 become a growing number of typical and managing them ends up being more and more complex International companies are looking to find Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment standpoint lots of organizations preserve different checking account just for payroll while some have several accounts in various countries does it make sense for business to maintain separate checking account often in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex processes of

making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they include further complexity the international Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there’s often an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely fundamental there’s no genuine consistency framework we’re residing in a period 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 and that simply blows my mind whenever I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of global services have actually revealed 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 due to time reporting bad HCM data data entry errors poorly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be included right 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 timespan there’s payment abilities 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 complexity wherever you look ideal ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 absolutely basic and innovation is enabling us to type of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of crucial to add to kind of the level of intricacy there’s more and more advantages being organ or being used by businesses across the world so once again you’re just seeking to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or real tough type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info 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 doesn’t always require to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from an expense perspective from an impact point of view on staff members it is definitely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive result on people’s well-being and lots of other elements if people aren’t paid uh I have actually always been impressed coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll team get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is a terrific primary step um providing an end-to-end payroll service for your employees worldwide again I believe is another big um process again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and reducing the number of tools platforms and checking account they require for their Worldwide 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 don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks

anyhow we understand how how essential 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 everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and kind of shot to return to everybody so moving on appearance why do business select to primary different savings account there are Student Loans On Papaya Global businesses out there doing precisely this for particular countries and I’ve worked in a service or many businesses doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s handling that process 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 lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we need 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 the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires changing but ultimately individuals are extremely stuck with what they recognize

with right um modification is a difficult thing all of us don’t like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining several bank accounts however there’s a substantial quantity of intricacy goes with establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is huge but I believe the honest response is modification um individuals have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or so there is a lot to monitor and this method does pose several challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so

I simply 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 Worldwide workers you should have a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Student Loans On Papaya Global