Backup Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Backup Papaya Global… functions on the provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type 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 get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll also go over a wrap-up and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them becomes increasingly more complicated Worldwide organizations are aiming to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment perspective numerous companies keep different bank account just for payroll while some have multiple accounts in various nations does it make sense for business to maintain different savings account sometimes in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies improve the episode complex processes of

making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s typically a frustrating variety of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely really basic there’s no genuine consistency structure 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 typically with pen and paper and that just blows my mind every time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes improperly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be consisted of best and what does

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it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 any place you look right ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to kind of progress with that it also as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you walk 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 an industry accept that why our payroll and payments so typically 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 any place they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more essential to add to sort of the level of complexity there’s more and more advantages being organ or being used by services throughout the world so once again you’re simply aiming to add increasingly more payments to this already intricate landscape so if you type 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 utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you know 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 timely they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from an expense point of view from an effect perspective on employees it is definitely important 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 need to be done right it has the most significant destructive effect on people’s wellness and numerous other elements if people aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last 5 to ten years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only discover when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. For that reason, it is vital to ensure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Global Payments first payroll payment option is a fantastic preliminary action towards offering a thorough payroll solution for staff members worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and bank accounts essential for worldwide payroll are essential consider attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as planned. Eventually, we don’t do it for the appreciation.

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 procedures and also so think of sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean 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 need days of the week to try to look through them and actually see what was going on and type of shot to return to everyone so moving on look why do business select to main different bank accounts there are Backup Papaya Global companies out there doing precisely this for specific countries and I have actually worked in a service or lots of businesses doing exactly that I can say it doesn’t always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe 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 believe people have actually got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs changing but ultimately individuals are very stuck to what they recognize

with best um modification is a challenging thing we all do not like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping multiple bank accounts but there’s a huge amount of intricacy opts for establishing a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is big but I think the honest response is change um people haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does pose numerous obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Backup Papaya Global