Papaya Global Outsourcing Uk FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Outsourcing Uk… roles on the company side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join we all 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 already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really dreary and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business maintain different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also go over a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them ends up being more and more complicated International companies are wanting to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment standpoint lots of organizations preserve different savings account just for payroll while some have multiple accounts in various countries does it make sense for business to maintain different checking account sometimes in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business enhance the episode complex procedures of

Making sure precise, efficient, and prompt payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to enhance working capital, and discover how streamlining global payroll payments can change them from a challenging job into a strategic property.

Managing payroll globally is an overwhelming job due to different regulations, compliance requirements, information security issues, and banking rules. The large number of employees and companies contributes to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.

Conventional payroll systems frequently lead to manual procedures, data silos, and an absence of integration, leading to disparities and inefficiencies. Despite living in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and services to simplify and optimize global payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international companies have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be consisted of right and what does

it need to be thought about there’s differing 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 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 anywhere you look best eventually constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to kind of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more crucial to add to type of the level of intricacy there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re just aiming to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real obstacles or real challenging kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era 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 difficult as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect perspective on workers it is absolutely critical 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 have to be done right it has the most significant detrimental effect on people’s well-being and many other elements if people aren’t paid uh I have actually constantly been surprised entering this Market type of the last five to 10 years is how little thanks the

payroll team get um so I’m uncertain anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise 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 stuff is definitely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent first step um supplying an end-to-end payroll service for your staff members internationally again I believe is another huge um procedure again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of businesses and lowering the variety 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 expect 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 meant to be um I do not believe any of us are in fact doing that for for the thanks

anyway we understand 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 everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying 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 look through them and actually see what was going on and kind of shot to return to everybody so moving on appearance why do companies select to primary separate checking account there are Papaya Global Outsourcing Uk services out there doing precisely this for particular nations and I have actually operated in a service or lots of businesses doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not developing additional work for anybody where we do not have to and anyone that’s handling 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 amount that we are I believe lots of reasons one is it’s the standard I think people have got so utilized to we need a brand-new checking account we open an entity and rightly 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 just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs changing however ultimately people are really stuck with what they recognize

with ideal um modification is a hard thing all of us don’t like change um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving several bank accounts but there’s a substantial amount of complexity chooses establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is substantial however I believe the truthful response is modification um people have not been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or two there is a lot to monitor and this method does position numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I just recently made a change 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 gained another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Outsourcing Uk