Papaya Global How To Pas Payslip Onto Third Party FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global How To Pas Payslip Onto Third Party… functions on the company side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I actually 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 really really gloomy and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business keep separate

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they include additional intricacy the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming number of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or really really standard there’s no real consistency framework we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind every time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on international payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide services have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they depend on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a good question I always throw this back and say what is it what does not require to be consisted of best 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 amount of time 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 intricacy wherever you look right ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing us to kind of move forward with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being used by services across the world so once again you’re simply aiming to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or genuine difficult type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to develop extra handoffs at the same times 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 a period of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from an expense perspective from an impact perspective on staff members it is definitely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging effect on people’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been amazed entering into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anyone on this kind of webinar has been told 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 workers or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it fails everyone 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your workers worldwide once again I think is another huge um procedure once again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of businesses and lowering the number of tools platforms and checking account they require for their International 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 don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks

anyhow we know how how crucial a function 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of shot to return to everyone so proceeding look why do companies choose to primary different bank accounts there are Papaya Global How To Pas Payslip Onto Third Party companies out there doing precisely this for particular nations and I have actually worked in a business or lots of companies doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing extra work for any person where we don’t have to and any person 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 think lots of reasons one is it’s the standard I believe individuals have actually got so utilized 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 think it’s simply been the requirement and the standard the people have 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 sort of do it so I believe there’s a variety I believe this is a process that requires looking at it needs changing but eventually people are extremely stuck with what they’re familiar

with right um change is a challenging thing we all do not like modification um so I believe it’s just kind 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 preserving multiple checking account but there’s a substantial quantity of complexity goes with setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the truthful response is change um people have not been able to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand 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 benefits and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this approach does position numerous obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so

I simply did you switched our Enterprise 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 Worldwide workers you are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global How To Pas Payslip Onto Third Party