Call Papaya Global Support FAQ – Payroll Management 2024

Over the last 5 or six years …Call Papaya Global Support… functions on the service provider side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting 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 originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really gloomy 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 difficulty years of managing International payroll why business preserve different

Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring accurate, efficient, and timely payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and discover how enhancing global payroll payments can transform them from a troublesome job into a tactical asset.

Managing payroll globally is a complicated job due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.

Traditional payroll systems frequently lead to manual procedures, information silos, and an absence of integration, resulting in disparities and inadequacies. Despite residing in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to supply insights and services to simplify and enhance international payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide companies have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the information is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of right and what does

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it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is definitely vital however all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link 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 sort of progress with that it also also to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely important that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone 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 a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure 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 contemporary world puts a high value on wellness and the compensation landscape is ending up being increasingly detailed. Companies are constantly introducing new advantages and payment options, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s highly advanced age, there’s no justification for maintaining troublesome treatments. Payroll, the company’s greatest expense, should be processed properly and on time. Even small hold-ups can negatively affect workers’ well-being and have far-reaching consequences. Therefore, it’s critical to focus on precise and timely payments.

payroll team get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise 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 things is absolutely crucial that all of this things is done properly so leveraging the very first International Payments very first payroll payment service is a great initial step um supplying an end-to-end payroll solution for your employees globally again I believe is another huge um process again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of services and decreasing the number of tools platforms and bank accounts they require 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 have actually 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 problems where things haven’t gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks

anyhow we know how how essential 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 involved in those procedures and also so think of sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean all those up for sure oh absolutely I can’t think of 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 actually see what was going on and kind of shot to return to everyone so proceeding appearance why do business choose to main separate checking account there are Call Papaya Global Support organizations out there doing precisely this for particular countries and I’ve operated in an organization or lots of companies doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we do not need to and anybody that’s handling that procedure 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 lots of factors one is it’s the standard I believe people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require 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 standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways 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 requires altering however ultimately people are very stuck to what they recognize

with best um change is a difficult thing all of us don’t like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining numerous bank accounts however there’s a substantial amount of intricacy goes with setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is huge however I believe the truthful answer is modification um individuals haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this technique does position a number of obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety 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 jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide 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 achievements. Call Papaya Global Support