Papaya Global Payroll Support FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Payroll Support… roles on the company side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 very very bleak and I want I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain different

Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.

Making sure accurate, effective, and timely payroll payments is a complex obstacle for services running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to optimize working capital, and find how improving international payroll payments can change them from a burdensome task into a tactical asset.

Handling payroll globally is a daunting job due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.

Traditional payroll systems frequently result in manual procedures, data silos, and an absence of integration, resulting in disparities and inefficiencies. Regardless of residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to offer insights and options to simplify and enhance international payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service spends on global payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of global companies have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they depend on the required 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 service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be included best 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 time frames 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 intricacy any place you look ideal eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling 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 differing Checking account Details differing banking requirements and setup procedures is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m always amazed when people state 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 occupation would they split the payroll payment from estimation 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 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 but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of important to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by companies across the world so once again you’re simply looking to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or genuine difficult type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of years I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any company has from a cost point of view from an effect perspective on workers it is absolutely 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 damaging effect on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve always been astonished entering this Market kind of the last five to 10 years is how little thanks the

payroll group get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe 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 stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a great primary step um offering an end-to-end payroll service for your employees worldwide again I believe is another huge um procedure once again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of services and decreasing the number of tools platforms and savings account they require for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks

anyway we know how how crucial a function 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 everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of shot to return to everybody so moving on look why do companies select to main separate checking account there are Papaya Global Payroll Support companies out there doing exactly this for specific nations and I’ve worked in a company or many businesses doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t have to and any person 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 amount that we are I think lots of reasons one is it’s the requirement I think people have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it needs changing but eventually people are extremely stuck to what they’re familiar

with right um change is a hard thing all of us don’t like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having keeping numerous savings account but there’s a huge quantity of complexity goes with establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is substantial however I think the honest answer is modification um people haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to keep track of and this technique does posture numerous obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so

I just did you changed our Business 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 workers you deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Support