Unlocking Efficiency On A Budget With Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …Unlocking Efficiency On A Budget With Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort 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 everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also review a recap and that should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and handling them becomes more and more intricate Global companies are looking to find Solutions and new methods to enhance processes specifically from a payroll and cross-border payment viewpoint many companies preserve different checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain separate bank accounts in some cases in different countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies enhance the episode complex processes of

Making sure accurate, efficient, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to enhance working capital, and find how streamlining international payroll payments can change them from a challenging task into a strategic property.

Handling payroll globally is a daunting job due to different guidelines, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and services adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.

Traditional payroll systems often lead to manual procedures, data silos, and a lack of integration, resulting in disparities and inadequacies. Despite residing in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and optimize worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of global organizations have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors badly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the data is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments perspective 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 a good concern I always throw this back and say what is it what does not require to be included right and what does

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it require to be thought of there’s varying Bank details 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is definitely critical but 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 kind 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 essential and technology is allowing us to kind of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely vital that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of essential to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by services throughout the world so once again you’re simply looking to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or genuine challenging kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost viewpoint from an effect point of view on employees it is absolutely vital that it’s done properly and on time so what we suggest 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 result on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve constantly been astonished entering this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this sort 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 employees or not um however ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think 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 absolutely crucial that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is a great primary step um providing an end-to-end payroll service for your staff members worldwide once again I believe is another huge um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely key to success success of businesses and minimizing the number of tools platforms and bank accounts they need for their Global payroll too couldn’t 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 ten or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I do not believe 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 also so picture sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t imagine 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 really see what was going on and type of try to get back to everybody so proceeding appearance why do companies select to main different savings account there are Unlocking Efficiency On A Budget With Papaya Global services out there doing exactly this for specific countries and I have actually worked in an organization or numerous organizations doing precisely that I can say it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I think people have got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it requires changing but ultimately people are very stuck with what they’re familiar

with right um modification is a hard thing we all don’t like change um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping multiple checking account but there’s a substantial amount of complexity opts for setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private people so the intricacy is substantial however I believe the sincere response is change um individuals haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to keep track of and this technique does present a number of challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Unlocking Efficiency On A Budget With Papaya Global