Papaya Global Capterra FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Capterra… functions on the company side and likewise on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing 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 everybody comes from and I actually do hope it’s much sunnier than it is 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 really really gloomy and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll also review a wrap-up which must leave his time at the very 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 labor forces become more and more typical and handling them becomes increasingly more complicated Global companies are aiming to discover Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of companies keep separate savings account just for payroll while some have several accounts in different nations does it make sense for business to maintain separate bank accounts often in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies enhance the episode complex procedures of

Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to enhance working capital, and find how simplifying global payroll payments can transform them from a burdensome task into a tactical property.

Managing payroll internationally is a complicated task due to different regulations, compliance requirements, data security concerns, and banking guidelines. The large number of staff members and businesses adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Conventional payroll systems frequently lead to manual processes, information silos, and an absence of combination, leading to inconsistencies and inadequacies. Regardless of residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to offer insights and options to streamline and optimize global payroll payments.

about it to offer you a concept 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 sleepless nights and quite honestly the more a business invests in international payroll the less of a picture they see a lack of presence also extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide businesses have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is delivered to the wrong place the average cost of an international information 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 rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be consisted of right and what does

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it require to be thought of there’s differing Bank information 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is definitely important but all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to sort of progress with that it also as well to add to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide 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 procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high worth on wellness and the settlement landscape is becoming increasingly detailed. Companies are continually presenting brand-new benefits and payment alternatives, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technologically innovative period, there’s no reason for preserving troublesome procedures. Payroll, the company’s biggest expense, must be processed properly and on time. Even slight hold-ups can adversely affect employees’ well-being and have significant effects. For that reason, it’s important to prioritize accurate and prompt payments.

payroll team get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent 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 hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think 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 stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a great initial step um offering an end-to-end payroll service for your staff members worldwide again I think is another big um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of services and minimizing the variety of tools platforms and checking account 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’ve never had a hundred thousand of 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 have not gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we understand 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 everyone that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up 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 try to check out them and in fact see what was going on and type of try to get back to everybody so moving on look why do business pick to main separate savings account there are Papaya Global Capterra businesses out there doing exactly this for specific nations and I have actually operated in a service or numerous services doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I believe people have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however 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 actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs altering however ultimately individuals are very stuck to what they’re familiar

with right um modification is a difficult thing all of us don’t like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping several bank accounts however there’s a substantial amount of intricacy chooses establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is substantial however I believe the truthful response is modification um people have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose a number of difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Capterra