Move Papaya Global Database FAQ – Payroll Management 2024

Over the last 5 or 6 years …Move Papaya Global Database… roles on the service provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 really very gloomy and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll likewise review a recap and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and managing them ends up being increasingly more intricate International organizations are looking to find Solutions and new methods to streamline processes specifically from a payroll and cross-border payment viewpoint lots of companies keep different checking account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain separate bank accounts often in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex processes of

Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to optimize working capital, and find how simplifying global payroll payments can change them from a burdensome job into a strategic possession.

Managing payroll worldwide is a complicated job due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The large number of employees and services contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Conventional payroll systems often lead to manual procedures, information silos, and an absence of integration, causing disparities and ineffectiveness. Regardless of residing in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and services to simplify and optimize global payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on international payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be consisted of ideal and what does

it require 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 need to pay from the customer’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 fundamental and innovation is allowing us to sort of move forward with that it also also to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 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 third parties so with the

world we live in and well-being being more and more essential to add to type of the level of intricacy there’s increasingly more benefits being organ or being used by companies across the world so once again you’re simply looking to include a growing number of payments to this currently complex 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 real obstacles or real difficult sort 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 say that the larger an organization 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 info into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as hard 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 perspective from an effect viewpoint on workers it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful effect on people’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been surprised entering this Market sort of the last five to ten years is how little thanks the

payroll group get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply 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 things is absolutely vital that all of this things is done properly so leveraging the very first International Payments first payroll payment option is an excellent first step um offering an end-to-end payroll option for your workers worldwide once again I think is another huge um procedure again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of services and decreasing the variety of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t think any of us are really doing that for for the thanks

anyhow we understand how how important 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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and kind of try to get back to everyone so moving on appearance why do companies select to main separate bank accounts there are Move Papaya Global Database services out there doing precisely this for specific countries and I have actually operated in a business or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I think individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but 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 adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs changing but ultimately individuals are extremely stuck to what they recognize

with best um change is a hard thing we all do not like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping numerous savings account however there’s a big amount of intricacy opts for establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private people so the intricacy is big but I think the sincere response is modification um people have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to keep track of and this technique does present a number of obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so

I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Move Papaya Global Database