Xero Payroll Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …Xero Payroll Papaya Global… roles on the provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes 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 raining here it’s extremely very gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up which needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and managing them becomes increasingly more complicated Global organizations are seeking to find Solutions and new methods to enhance processes particularly from a payroll and cross-border payment standpoint many companies keep different savings account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve different checking account in some cases in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business simplify the episode complex processes of

making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably 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 people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 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 conventional payroll design there’s frequently an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or very extremely standard there’s no real consistency framework we’re living in a period of tech however payroll has actually 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 every time I I think

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on international payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international businesses have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations as well as lack management and system setups and then when you round everything off and the information is shipped to the incorrect place 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 money around the world payroll and payments do not run efficiently if they count on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be included best and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it need to be considered 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 capabilities 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 client’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they are like very payments no if however some babies 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 absolutely fundamental and innovation is permitting us to type of move forward with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high worth on well-being and the settlement landscape is becoming increasingly complex. Companies are continually introducing new benefits and payment options, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technically sophisticated age, there’s no justification for preserving troublesome treatments. Payroll, the business’s biggest expense, must be processed properly and on time. Even slight delays can adversely affect workers’ wellness and have significant effects. Therefore, it’s important to prioritize precise and prompt payments.

payroll group get um so I’m not sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails but 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 likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific initial step um providing an end-to-end payroll service for your staff members internationally again I think is another big um process again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of companies and reducing the variety 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not think any of us are really doing that for for the thanks

anyhow we understand 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 easy as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision 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 shot to get back to everybody so carrying on look why do companies select to main different checking account there are Xero Payroll Papaya Global organizations out there doing precisely this for particular nations and I’ve operated in a service or lots of organizations doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not purposely 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 thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of 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 changing however eventually individuals are extremely stuck with what they’re familiar

with right um modification is a tough 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 great deal of track of stuff um I comprehend obviously the benefits of having keeping numerous checking account but there’s a substantial amount of complexity opts for establishing a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the intricacy is big however I believe the honest response is modification um individuals haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to keep track of and this technique does position a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so

I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Xero Payroll Papaya Global