Papaya Global Exam Questions FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Exam Questions… roles on the supplier side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely gloomy and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll likewise review a wrap-up which needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and handling them becomes a growing number of complicated Worldwide companies are wanting to find Solutions and new ways to enhance processes specifically from a payroll and cross-border payment viewpoint lots of companies keep separate bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to preserve separate bank accounts often in different countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies streamline the episode complex processes of

making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there’s frequently an overwhelming number of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or very really fundamental there’s no genuine consistency structure we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on worldwide payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide services have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors poorly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the information is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not require to be included ideal and what does

it require 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 amount of time 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 customer’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if however some infants 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 recognition that payroll payments are absolutely basic and technology is enabling us to kind of move forward with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high worth on well-being and the payment landscape is ending up being increasingly intricate. Businesses are continuously introducing new benefits and payment alternatives, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s technically sophisticated age, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s biggest cost, must be processed properly and on time. Even minor hold-ups can negatively impact workers’ wellness and have significant consequences. Therefore, it’s important to focus on precise and prompt payments.

payroll group get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is a fantastic primary step um offering an end-to-end payroll solution for your staff members worldwide again I believe is another huge um process once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of companies and reducing the number of tools platforms and checking account they require for their Worldwide 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances 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

anyway we understand 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 easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and type of shot to get back to everyone so proceeding appearance why do companies select to main separate savings account there are Papaya Global Exam Questions businesses out there doing precisely this for specific countries and I’ve operated in a service or lots of companies doing exactly that I can state it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think individuals have got so used to we need 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 think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering however ultimately people are very stuck to what they recognize

with right um modification is a challenging thing all of us don’t like change um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping numerous savings account but there’s a big amount of intricacy goes with establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is substantial but I think the truthful answer is modification um individuals have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to keep track of and this technique does pose a number of difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Exam Questions