Transfer Papaya Global Payments To Papaya Globalaccounts FAQ – Payroll Management 2024

Over the last 5 or six years …Transfer Papaya Global Payments To Papaya Globalaccounts… roles on the company side and also on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well among 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 interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s drizzling here it’s really really gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies keep different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also go over a wrap-up which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and handling them ends up being more and more complex Global organizations are aiming to discover Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment perspective many organizations keep separate checking account just for payroll while some have several accounts in different countries does it make sense for companies to keep separate checking account in some cases in different countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies improve the episode complex procedures of

Making sure accurate, effective, and prompt payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to enhance working capital, and find how improving international payroll payments can change them from a troublesome task into a tactical property.

Managing payroll worldwide is a challenging task due to various regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and services contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.

Conventional payroll systems frequently lead to manual processes, information silos, and an absence of integration, causing disparities and ineffectiveness. Despite living in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to offer insights and services to streamline and enhance global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on international payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of international businesses have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes inadequately 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 typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the needed numerous procedures 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 service face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and say what is it what does not need to be included right and what does

it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 best ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble super payments no if but some babies 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 think there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to type of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more essential to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations throughout the world so again you’re just seeking to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or real challenging sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would absolutely 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 task there are teams feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to develop additional handoffs in the processes 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 a period of tech and an age that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any service has from an expense point of view from an effect perspective on employees it is absolutely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging effect on people’s well-being and many other factors if people aren’t paid uh I’ve always been astonished entering into this Market type of the last five to ten years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. Therefore, it is vital to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the very first Global Payments first payroll payment service is a terrific preliminary step towards supplying an extensive payroll service for employees worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and bank accounts necessary for international payroll are essential factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Eventually, we do not do it for the gratitude.

anyhow we understand how how important 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 imagine sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t picture 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 sort of shot to return to everybody so carrying on look why do companies choose to primary different bank accounts there are Transfer Papaya Global Payments To Papaya Globalaccounts businesses out there doing precisely this for specific countries and I have actually worked in an organization or many companies doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing extra work for any person where we do not have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I think individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals 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 looking at it needs changing but ultimately people are really stuck with what they recognize

with right um change is a tough thing we all do not like change um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving numerous bank accounts but there’s a big quantity of intricacy chooses setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is substantial however I think the truthful answer is change um individuals haven’t had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to track and this method does pose several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international 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 achievements. Transfer Papaya Global Payments To Papaya Globalaccounts