Papaya Global Certification Level 1 FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Certification Level 1… roles on the supplier side and also on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 extremely extremely uninspiring and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies preserve different

Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic property 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 precise, effective, and prompt payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a difficult job into a tactical property.

Handling payroll worldwide is an overwhelming job due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of staff members and organizations adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems often result in manual procedures, data silos, and an absence of integration, causing disparities and inefficiencies. Despite living in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and services to simplify and enhance international payroll payments.

about it to provide 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 provides me sleepless nights and quite honestly the more a company spends on worldwide payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide businesses have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be included ideal and what does

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 nation there’s payment timespan there’s payment capabilities 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 intricacy any place you look ideal ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 absolutely essential and technology is enabling us to kind of progress with that it also too to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely essential that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high worth on well-being and the compensation landscape is becoming progressively intricate. Organizations are constantly introducing new advantages and payment options, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly innovative age, there’s no validation for maintaining troublesome treatments. Payroll, the business’s greatest cost, should be processed correctly and on time. Even small hold-ups can adversely impact staff members’ wellness and have significant effects. Therefore, it’s crucial to focus on precise and timely payments.

payroll team get um so I’m unsure anybody on this type of webinar has been told 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 staff members or not um however eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout 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 definitely vital that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is an excellent primary step um supplying an end-to-end payroll service for your employees worldwide once again I believe is another huge um process again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of businesses and decreasing the number of tools platforms and checking account they require 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 ever 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 suggested to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we understand 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 simple as possible for everybody that’s involved in those procedures and also so imagine sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly 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 was the case um you ‘d require days of the week to try to look through them and really see what was going on and type of shot to return to everybody so carrying on look why do companies pick to primary separate checking account there are Papaya Global Certification Level 1 businesses out there doing exactly this for particular nations and I’ve worked in a business or numerous companies doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anyone where we don’t need to and anybody that’s managing that process 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 many reasons one is it’s the standard I believe people have got so used to we require a new checking account we open an entity and rightly so you require it for payroll purposes however 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 adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires changing but eventually individuals are really stuck to what they recognize

with best um modification is a difficult thing all of us don’t like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having maintaining several checking account however there’s a big quantity of complexity opts for setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is huge however I believe the truthful response is modification um individuals have not had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but 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 know what could nearly be identified to be the next Century or so there is a lot to track and this approach does present several obstacles um so Johnny might 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 Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Certification Level 1