Can A Papaya Global Payroll Subscription Work With Papaya Global Online FAQ – Payroll Management 2024

Over the last 5 or six years …Can A Papaya Global Payroll Subscription Work With Papaya Global Online… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing 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 everybody 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 very gloomy and I want 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 looking at the difficulty years of handling Worldwide payroll why business preserve different

Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively securely 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 business precisely anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the large numbers they add more complexity the international Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll model there’s frequently an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very extremely fundamental there’s no real consistency structure we’re residing in an era 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 which simply blows my mind whenever I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of a photo they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of global organizations have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is shipped to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they count on the required several processes 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 obstacles organization face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be consisted of best and what does

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it require 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 amount of time there’s payment abilities 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 right ultimately building a knowledge base is definitely important however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being used by businesses throughout the world so again you’re simply wanting to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or real challenging type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more timely they make them less effective 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 that we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost perspective from an impact perspective on employees it is absolutely vital that it’s done correctly and on time so what we mean 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 harmful result on individuals’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been astonished entering this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m not sure anybody on this sort of webinar has actually been informed 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 workers or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise 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 important that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is a terrific initial step um providing an end-to-end payroll option for your staff members globally again I think is another huge um process once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of services and lowering the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t 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 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks

anyhow we know how how crucial 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 procedures and also so imagine sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine 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 interesting task 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 browse them and actually see what was going on and type of shot to return to everybody so proceeding look why do companies pick to main different checking account there are Can A Papaya Global Payroll Subscription Work With Papaya Global Online businesses out there doing precisely this for particular countries and I have actually worked in a company or many companies doing precisely that I can state it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anybody 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 amount that we are I believe lots of factors one is it’s the standard I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it requires changing however ultimately people are really stuck with what they’re familiar

with right um modification is a difficult thing we all do not like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining numerous bank accounts however there’s a substantial quantity of complexity chooses setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is huge however I think the honest answer is modification um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or two there is a lot to track and this method does posture numerous difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I recently made a change to our Enterprise 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 actually gotten another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Can A Papaya Global Payroll Subscription Work With Papaya Global Online