Creating Your Own Papaya Global Reports FAQ – Payroll Management 2024

Over the last 5 or 6 years …Creating Your Own Papaya Global Reports… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone 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 is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very dreary and I want I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business maintain different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll also review a recap and that ought to leave his time at the extremely 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 International labor forces end up being increasingly more common and managing them ends up being increasingly more intricate International companies are seeking to discover Solutions and new methods to streamline procedures specifically from a payroll and cross-border payment perspective numerous companies preserve separate bank account just for payroll while some have numerous accounts in various countries does it make good sense for business to maintain separate checking account in some cases in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies streamline the episode complex procedures of

making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast 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 difficult in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they add further complexity the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s often an overwhelming variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or very extremely standard there’s no real consistency framework we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just 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 services say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization spends on global payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of global organizations have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors poorly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they count on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be included right and what does

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 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 best eventually building a knowledge base is definitely critical however all over you look with payroll payment they are like incredibly payments no if but some children 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 think there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to sort of move on with that it likewise too to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

The modern world places a high value on wellness and the settlement landscape is becoming increasingly elaborate. Businesses are continually introducing new benefits and payment options, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s highly innovative period, there’s no validation for preserving troublesome procedures. Payroll, the business’s most significant expense, need to be processed properly and on time. Even small hold-ups can adversely impact employees’ wellness and have significant consequences. For that reason, it’s important to focus on precise and prompt payments.

payroll group get um so I’m not exactly sure anybody on this type 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 but eventually 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 but when it goes right it’s simply a tick box workout 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 stuff is definitely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a great primary step um offering an end-to-end payroll service for your workers internationally again I believe is another huge um process again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of organizations and minimizing the number of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks

anyway we know how how crucial a role 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 everybody that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and sort of try to return to everybody so proceeding look why do business pick to primary separate savings account there are Creating Your Own Papaya Global Reports services out there doing precisely this for specific nations and I’ve worked in a service or lots of services doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe 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 checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people 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 lots of other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs altering but eventually individuals are very stuck with what they’re familiar

with ideal um modification is a challenging thing all of us do not like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping numerous bank accounts however there’s a huge amount of intricacy goes with establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is substantial however I believe the sincere answer is change um people haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually 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 constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to monitor and this approach does present a number of challenges um so Johnny could you tell us about those difficulties yeah naturally 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Creating Your Own Papaya Global Reports