Papaya Global Easy Steps Download FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Easy Steps Download… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two 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 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 everyone comes from and I really do hope it’s much sunnier than it is 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 really uninspiring and I want I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies maintain different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll also review a recap and that must leave his time at the really very 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 International workforces end up being more and more common and handling them ends up being a growing number of complex International companies are aiming to discover Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment standpoint lots of companies preserve different savings account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve different savings account often in different nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies streamline the episode complex procedures of

making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the international Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll design there’s typically a frustrating variety of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really extremely standard there’s no real consistency framework we’re residing in a period of tech but 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 simply blows my mind each time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a business spends on worldwide payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes poorly interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they depend on the essential several processes 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 obstacles service face when they’re paying to staff members or otherwise that’s a great question I always throw this back and state what is it what doesn’t require to be included right and what does

it require to be thought of there’s varying 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 capabilities 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 consumer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely payments no if but some babies 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of move on with that it also too to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely important that payroll and finance groups work better together than ever um I’m always impressed when people say I’ve split 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 split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of essential to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by services throughout the world so again you’re simply looking to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or genuine difficult type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single most significant liability that any service has from a cost viewpoint from an effect point of view on workers it is definitely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful result on individuals’s wellness and lots of other elements if individuals aren’t paid uh I’ve constantly been astonished entering this Market type of the last 5 to ten years is how little thanks the

payroll team get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem 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 properly so leveraging the very first International Payments first payroll payment solution is a terrific first step um supplying an end-to-end payroll solution for your staff members globally again I believe is another huge um procedure once again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and reducing 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we know how how important 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 everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of try to get back to everyone so moving on look why do companies choose to main separate savings account there are Papaya Global Easy Steps Download businesses out there doing precisely this for particular countries and I have actually worked in an organization or many businesses doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe individuals have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it requires altering however ultimately people are very stuck with what they’re familiar

with right um modification is a tough thing we all don’t like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping multiple bank accounts however there’s a huge quantity of intricacy opts for establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is big but I believe the honest answer is change um people have not had the ability to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this method does pose a number of challenges um so Johnny could you tell us about those challenges yeah naturally 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 jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Easy Steps Download