Papaya Global Free Payroll FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Free Payroll… roles on the company 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 fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort 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 really very uninspiring and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business maintain separate

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also provide a wrap-up 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 throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the large numbers they add further intricacy the worldwide Labor force 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 people that number is currently 500 million just for for a scale then factor in 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 frequently an overwhelming number of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very really standard there’s no genuine consistency structure we’re living in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each 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 businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on international payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of international companies have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they count on the needed several 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 obstacles company face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be included best and what does

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it require to be considered 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 capabilities 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 client’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely important however all over 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 look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to type of move forward with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of important to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations throughout the world so again you’re just wanting to add more and more 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 sure but have you got any experience in kind of genuine challenges or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would absolutely say that the bigger a company 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 info into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you understand 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 timely they make them less efficient 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 operating in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single biggest liability that any business has from an expense perspective from an effect perspective on staff members it is definitely vital that it’s done properly and on time so what we mean 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 detrimental impact on people’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last five to ten years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just notice when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally as well. Therefore, it is necessary to ensure that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first Global Payments very first payroll payment solution is an excellent initial action towards offering an extensive payroll solution for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and bank accounts needed for worldwide payroll are key consider achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as prepared. Eventually, we do not do it for the gratitude.

anyhow we know how how crucial 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 simple as possible for everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of try to return to everyone so proceeding look why do companies choose to primary different bank accounts there are Papaya Global Free Payroll companies out there doing exactly this for specific countries and I have actually worked in an organization or numerous organizations doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a process that needs looking at it needs changing but eventually people are really stuck with what they’re familiar

with ideal um modification is a hard thing we all do not like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having preserving numerous checking account but there’s a big quantity of complexity chooses setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is huge however I think the truthful response is change um individuals have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep track of and this method does present numerous difficulties um so Johnny might you inform us about those obstacles yeah naturally 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 Global workers you are worthy of a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Free Payroll