Free Trial Papaya Global FAQ – Payroll Management 2024

Over the last 5 or 6 years …Free Trial Papaya Global… roles on the company side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody 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 is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very gloomy and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business preserve different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll also review a wrap-up and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and managing them ends up being increasingly more complicated Global companies are looking to discover Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment viewpoint numerous companies preserve different bank account just for payroll while some have multiple accounts in various nations does it make good sense for business to preserve different savings account often in different countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business streamline the episode complex procedures of

Making sure accurate, efficient, and timely payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can change them from a troublesome task into a strategic possession.

Handling payroll internationally is a difficult task due to various regulations, compliance requirements, information security issues, and banking rules. The sheer variety of workers and services contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Conventional payroll systems typically lead to manual processes, data silos, and a lack of integration, leading to inconsistencies and inadequacies. In spite of residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to supply insights and solutions to simplify and enhance worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of an image they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of global services have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes poorly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a great concern I constantly toss this back and state what is it what does not require to be included right and what does

it need to be thought of there’s differing 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 have to pay from the consumer’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if however some children 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 essential and innovation is allowing us to type of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals 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 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 frequently 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 anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being a growing number of important to add to kind of the level of complexity there’s a growing number of advantages being organ or being provided by services across the world so once again you’re just aiming to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real challenges or real tough sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from a cost point of view from an effect viewpoint on staff members it is absolutely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental impact on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been surprised entering this Market type of the last 5 to ten years is how little thanks the

The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only notice when things go wrong. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. For that reason, it is important to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Using the very first International Payments very first payroll payment solution is an excellent preliminary action towards offering a detailed payroll solution for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and checking account essential for international payroll are essential consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Eventually, we don’t do it for the appreciation.

anyhow we understand how how crucial 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 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 numerous thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of shot to return to everybody so moving on look why do companies pick to main separate bank accounts there are Free Trial Papaya Global organizations out there doing precisely this for specific countries and I have actually worked in an organization or many services doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t have to and anybody that’s dealing with 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 quantity that we are I think many factors one is it’s the standard I think individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires changing but ultimately individuals are very stuck to what they recognize

with ideal um modification is a hard thing we all don’t like modification um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having maintaining multiple bank accounts however there’s a substantial quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is big but I believe the honest response is change um individuals have not been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century approximately there is a lot to keep an eye on and this technique does pose numerous challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety 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 staff members you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Free Trial Papaya Global