Re Employing An Employee Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …Re Employing An Employee Papaya Global… roles on the provider side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another number 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 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 really 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 really really 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 challenge years of handling Worldwide payroll why companies keep separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll also go over a wrap-up and that should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and handling them becomes a growing number of intricate Global organizations are seeking to discover Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment standpoint numerous companies maintain separate bank account just for payroll while some have several accounts in various nations does it make sense for business to keep different checking account sometimes in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies simplify the episode complex processes of

making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include more intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll design there’s typically an overwhelming number of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really basic there’s no genuine consistency framework we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply 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 companies state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in global payroll the less of a photo they see a lack of presence likewise 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 worldwide services have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and then when you round everything off and the data is shipped to the wrong location the typical cost of an international information 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 rely on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be consisted of right and what does

it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the consumer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if however some babies 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 absolutely fundamental and technology is permitting us to type of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work closer together than ever um I’m always surprised when people state I have actually split payroll and payment um if you walk down the street and asked anybody 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third 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 intricacy there’s more and more advantages being organ or being offered by companies throughout the world so again you’re simply wanting to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or real tough sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely state 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 details 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 doesn’t always need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any service has from an expense point of view from an impact perspective on staff members it is absolutely 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 many other aspects if people aren’t paid uh I’ve constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just see when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally as well. For that reason, it is essential to ensure that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the very first Global Payments very first payroll payment option is a terrific preliminary step towards providing a detailed payroll solution for employees worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and savings account essential for worldwide payroll are key factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.

anyhow we understand how how important a function 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 involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of shot to return to everybody so carrying on look why do companies choose to main different bank accounts there are Re Employing An Employee Papaya Global companies out there doing precisely this for specific nations and I’ve operated in a service or numerous businesses doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not need to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I think people have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a procedure that requires looking at it requires altering however ultimately people are extremely stuck with what they’re familiar

with best um change is a tough thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining several checking account however there’s a big quantity of complexity opts for setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is big however I believe the honest response is modification um individuals haven’t had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to monitor and this method does position a number of obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Re Employing An Employee Papaya Global