Fps Papaya Global FAQ – Payroll Management 2024

Over the last 5 or 6 years …Fps Papaya Global… roles on the company side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually 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 very extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business maintain different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we’ll also discuss a recap which must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more common and managing them becomes increasingly more intricate Global organizations are looking to find Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment viewpoint numerous companies maintain different bank account just for payroll while some have several accounts in various nations does it make good sense for business to preserve different savings account sometimes in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business enhance the episode complex procedures of

making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most notably guidelines compliance data security and banking rules then there are the sheer numbers they include more complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll design there’s typically an overwhelming variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or very extremely standard there’s no genuine consistency framework we’re residing in an era 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 whenever I I believe

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on global payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide companies have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the necessary several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be included ideal and what does

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it require 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 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 need to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of progress with that it likewise too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing groups work better together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however 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 contribute to sort of the level of intricacy there’s more and more advantages being organ or being offered by businesses throughout the world so again you’re simply looking to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any business has from an expense point of view from an impact point of view on staff members 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 greatest harmful impact on people’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last five to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been informed 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 believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment service is an excellent first step um offering an end-to-end payroll solution for your workers internationally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of businesses and lowering the variety of tools platforms and savings account they need for their Global 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we know 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 easy as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na state imagine the quantity 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 hundreds of thousands potentially Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to return to everybody so moving on look why do companies choose to primary separate bank accounts there are Fps Papaya Global businesses out there doing precisely this for particular countries and I’ve worked in an organization or lots of services doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not have to and anyone 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 think numerous reasons one is it’s the requirement I believe people have actually got so used to we require a new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe 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 people have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering but ultimately people are extremely stuck to what they’re familiar

with best um modification is a challenging thing we all do not like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving several bank accounts but there’s a substantial amount of complexity opts for establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is big but I think the truthful answer is modification um individuals haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually constantly 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 so there is a lot to monitor and this technique does pose a number of difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so

I simply 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 should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Fps Papaya Global