Full Service Payroll Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Full Service Payroll Papaya Global… functions on the service provider side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very uninspiring and I wish I was elsewhere at this moment in time all right 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 International payroll why companies keep separate

Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how companies precisely 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 tough 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 factors most significantly policies compliance data security and banking rules then there are the sheer numbers they add more complexity the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there’s frequently an overwhelming number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really really standard there’s no real consistency structure we’re living in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I think

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 Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in international payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of international businesses have 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 errors badly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the data is delivered to the incorrect location the average cost 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 depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be included right and what does

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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 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 have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if however 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 basic and innovation is allowing us to type of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work closer together than ever um I’m always astonished when individuals say I have actually divided payroll and payment um if you walk 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 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 data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being offered by organizations across the world so again you’re simply seeking to add increasingly more payments to this currently intricate landscape so if you kind 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 tough kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would absolutely say that the larger a service 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 information into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create extra handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any business has from an expense perspective from an impact viewpoint on workers it is absolutely critical that it’s done properly and on time so what we indicate 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 harmful effect on individuals’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been surprised entering into this Market type of the last 5 to ten years is how little thanks the

payroll group get um so I’m uncertain anybody on this kind 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 employees or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment option is a great primary step um providing an end-to-end payroll solution for your employees internationally again I believe is another huge um process again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of companies and lowering the number of tools platforms and checking account they need 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’ve never ever had a hundred thousand of them within a payroll cycle do not expect 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 indicated to be um I do not believe any of us are really doing that for for the thanks

anyhow 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 simple as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and sort of try to return to everybody so carrying on appearance why do companies choose to primary different savings account there are Full Service Payroll Papaya Global services out there doing precisely this for particular nations and I’ve operated in a business or many businesses doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and anybody that’s dealing with 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 quantity that we are I think numerous factors one is it’s the standard I believe individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a number 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 add to that individuals have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs changing but eventually people are very stuck with what they recognize

with ideal um modification is a challenging thing all of us don’t like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining numerous savings account but there’s a substantial amount of complexity opts for setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is huge but I believe the honest answer is modification um people haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or two there is a lot to track and this method does pose a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Full Service Payroll Papaya Global