Papaya Global Database Is Wrong Version For This Sdo FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Database Is Wrong Version For This Sdo… functions on the company side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes 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 extremely gloomy and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business preserve separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also go over a recap which needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and handling them ends up being increasingly more intricate International companies are looking to find Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of organizations preserve separate checking account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve separate bank accounts in some cases in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex procedures of

making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most significantly guidelines compliance information security and banking guidelines then there are the large numbers they include further intricacy the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s frequently a frustrating variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or really extremely fundamental there’s no genuine consistency structure we’re living in a period of tech however payroll has been sluggish 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 think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of global companies 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 errors are because of time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations along with absence management and system setups and then when you round everything off and the information is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they depend on the needed multiple processes 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 organization face when they’re paying to workers or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does

it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type 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 technology is allowing us to type of move forward with that it likewise too to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more important to add to sort of the level of complexity there’s increasingly more benefits being organ or being provided by organizations throughout the world so again you’re simply seeking to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine challenging type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would certainly state that the bigger a company 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 details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they require 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 concurred and appropriately as you stated payroll is the single biggest liability that any organization has from an expense viewpoint from an effect point of view on staff members it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive result on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been impressed coming into this Market kind of the last five to 10 years is how little thanks the

payroll team get um so I’m not sure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise 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 things is definitely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll solution for your employees globally once again I believe is another big 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 reducing the number of tools platforms and savings account they need for their Worldwide 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 have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks

anyhow we know how how crucial a function 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 envision sorry I’m just I was simply 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 make certain we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and type of try to return to everybody so moving on appearance why do companies pick to main separate checking account there are Papaya Global Database Is Wrong Version For This Sdo services out there doing exactly this for particular nations and I have actually worked in a company or many companies doing exactly that I can say it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not need to and anyone that’s dealing with 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 lots of factors one is it’s the standard I believe individuals have got so used to we need a new savings account we open an entity and rightly so you require 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 requirement and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires altering but eventually people are really stuck to what they’re familiar

with best um modification is a tough thing we all do not like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining several checking account however there’s a substantial amount of complexity opts for establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is big however I think the sincere answer is change um individuals have not had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to monitor and this technique does posture several challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so

I simply did you changed our Business 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 Global staff members you are worthy of a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Database Is Wrong Version For This Sdo