Can I Change The Date On My Papaya Global Payroll FAQ – Payroll Management 2024

Over the last five or 6 years …Can I Change The Date On My Papaya Global Payroll… roles on the supplier side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting 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 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 drizzling here it’s very very bleak and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business preserve separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll also discuss a recap which needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and handling them ends up being more and more complicated Worldwide organizations are looking to find Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment viewpoint lots of organizations maintain different savings account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve different savings account sometimes in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex processes of

making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most significantly guidelines compliance information security and banking rules then there are the sheer numbers they include more intricacy the international Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll model there’s typically a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely standard there’s no real consistency structure we’re residing 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 often with pen and paper which just blows my mind every time I I think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global organizations have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the required multiple 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 difficulties business face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be consisted of right and what does

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it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is absolutely important however all over you look with payroll payment they are like extremely payments no if however some infants 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 acknowledgment that payroll payments are definitely basic and innovation is permitting us to type of move on with that it also also to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m always 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 does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more crucial to contribute to sort of the level of intricacy there’s more and more benefits being organ or being offered by services across the world so again you’re simply 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 vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine challenging kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to create additional 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 age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single most significant liability that any service has from a cost perspective from an impact perspective on workers it is definitely important 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 need to be done right it has the biggest damaging effect on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve always been astonished entering this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view 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 stuff is done properly so leveraging the first International Payments first payroll payment service is a fantastic first step um offering an end-to-end payroll solution for your staff members globally again I believe is another huge um process once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of organizations and minimizing the number of tools platforms and bank accounts they need for their Global 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 ever had a hundred countless them within a payroll cycle do not 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 don’t believe any of us are really doing that for for the thanks

anyway we know how how crucial a function 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 associated with those procedures and likewise so imagine sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean 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 check out them and really see what was going on and kind of shot to get back to everyone so carrying on look why do business pick to main different checking account there are Can I Change The Date On My Papaya Global Payroll services out there doing precisely this for particular countries and I have actually operated in an organization or lots of organizations doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating extra 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 think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I believe individuals have got so used to we require a new savings 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 think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it requires altering however ultimately individuals are really stuck with what they recognize

with right um modification is a challenging thing all of us don’t like change um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having keeping several savings account however there’s a huge amount of complexity goes with setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is big but I believe the honest response is modification um people haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to monitor and this technique 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 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 Worldwide workers you should have a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Can I Change The Date On My Papaya Global Payroll