Papaya Global Payroll Affiliate Program FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Payroll Affiliate Program… roles on the company side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates 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 drizzling here it’s extremely extremely bleak and I wish 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 taking a look at the difficulty years of handling Worldwide payroll why companies preserve separate

Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly policies compliance information security and banking guidelines then there are the large numbers they add more intricacy the international Labor force is currently three and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there’s often a frustrating variety of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really really standard there’s no real consistency framework we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each 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 businesses state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a photo they see a lack of presence also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of international companies have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the data is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and say what is it what does not need to be consisted of best and what does

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it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 anywhere you look best eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like extremely payments no if but some infants 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to type of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely essential that payroll and financing groups work closer together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high value on well-being and the payment landscape is becoming significantly detailed. Organizations are constantly introducing new benefits and payment options, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today’s highly sophisticated age, there’s no reason for keeping troublesome treatments. Payroll, the company’s biggest expenditure, need to be processed correctly and on time. Even slight delays can adversely impact staff members’ wellness and have far-reaching repercussions. For that reason, it’s critical to prioritize precise and prompt payments.

payroll team get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all find out about 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 exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the first International Payments first payroll payment service is a terrific primary step um providing an end-to-end payroll option for your employees globally again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of services and minimizing the variety 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 terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks

anyway we understand how how essential 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 involved in those processes and likewise so picture sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and type of try to return to everyone so carrying on look why do business choose to main different savings account there are Papaya Global Payroll Affiliate Program services out there doing exactly this for specific nations and I have actually worked in a company or lots of companies doing precisely that I can state it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s managing 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 believe many factors one is it’s the requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires altering but eventually people are very stuck with what they recognize

with ideal um change is a tough thing we all don’t like change um so I believe it’s just sort of moving far from the standard 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 maintaining several checking account however there’s a huge quantity of intricacy opts for setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is substantial however I believe the sincere answer is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or two there is a lot to track and this method does posture a number of challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Payroll Affiliate Program