Is Papaya Global Good For Payroll FAQ – Payroll Management 2024

Over the last five or six years …Is Papaya Global Good For Payroll… roles on the provider side and also on the supplier side from a payroll perspective so truly eagerly 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 these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort 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 raining here it’s extremely extremely uninspiring and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies keep separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll also review a wrap-up which must leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and managing them becomes a growing number of complicated International companies are aiming to find Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment viewpoint numerous organizations keep separate savings account just for payroll while some have several accounts in various nations does it make sense for companies to maintain different bank accounts often in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex procedures of

making payroll payments precisely effectively securely and on time throughout 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 costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most importantly regulations compliance data security and banking rules then there are the large numbers they include more intricacy the worldwide Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 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 all over the world in the traditional payroll design there’s often an overwhelming number of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or very really standard there’s no genuine consistency framework we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service spends on international payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of international companies have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors badly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the essential numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s an excellent question I always throw 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 varying Bank information 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 complexity anywhere you look right eventually building a knowledge base is definitely critical however all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type 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 technology is allowing us to sort of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being increasingly more crucial to add to type of the level of complexity there’s a growing number of benefits being organ or being offered by companies across the world so once again you’re just seeking to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or real difficult type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age 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 tough as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any company has from a cost perspective from an effect point of view on staff members it is definitely crucial 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 biggest detrimental effect on people’s well-being and numerous other elements if people aren’t paid uh I have actually always been astonished entering this Market type of the last five to 10 years is how little thanks the

The payroll team might 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 staff members or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally too. Therefore, it is necessary to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first Worldwide Payments first payroll payment option is a fantastic initial action towards offering an extensive payroll option for staff members worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and checking account required for international payroll are essential consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as prepared. Eventually, we do not do it for the thankfulness.

anyway 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 everybody that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate 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 all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and sort of try to get back to everybody so proceeding look why do companies choose to main separate savings account there are Is Papaya Global Good For Payroll organizations out there doing exactly this for specific nations and I have actually worked in a service or lots of organizations doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and anybody that’s dealing with that procedure 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 think numerous factors one is it’s the standard I believe individuals have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires changing but ultimately people are extremely stuck to what they’re familiar

with best um modification is a difficult thing we all don’t like change um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping numerous checking account but there’s a substantial quantity of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is big however I believe the truthful response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does present numerous difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Is Papaya Global Good For Payroll