Papaya Global Latest Update FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Latest Update… functions on the supplier side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly 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 extremely really uninspiring and I wish I was somewhere else 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 challenge years of managing International payroll why companies preserve separate

Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably policies compliance information security and banking guidelines then there are the large numbers they include more intricacy the worldwide Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s often an overwhelming number of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very really basic there’s no genuine consistency framework we’re residing in an age of tech however payroll has actually been slow 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 each time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of global companies have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be included best and what does

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it need to be thought about there’s varying Bank details 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 client’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of move forward with that it also too to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m always impressed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation 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 information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high worth on well-being and the payment landscape is ending up being significantly intricate. Organizations are continuously presenting new advantages and payment options, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technologically advanced age, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s greatest expenditure, need to be processed correctly and on time. Even slight delays can adversely impact workers’ well-being and have significant effects. For that reason, it’s important to prioritize accurate and timely payments.

payroll group get um so I’m unsure anyone on this kind of webinar has 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 staff members or not um however eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think 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 important that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll service for your employees internationally once again I think is another huge um procedure once again lining up and ensuring you have standardization Global processes all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and savings 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks

anyhow we understand how how crucial 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 procedures and likewise so envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh definitely I can’t envision 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 actually see what was going on and kind of try to get back to everyone so proceeding look why do companies choose to primary separate bank accounts there are Papaya Global Latest Update services out there doing precisely this for particular countries and I’ve worked in an organization or numerous companies doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we don’t have to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I think people have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other methods 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 ultimately individuals are very stuck with what they’re familiar

with best um modification is a challenging thing all of us do not like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping numerous checking account however there’s a big amount of intricacy chooses establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the complexity is huge however I believe the truthful answer is change um individuals haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to monitor and this method does present several challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so

I just 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 Global employees you should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Latest Update