Papaya Global Payroll Closing FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Payroll Closing… roles on the company side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two 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 already just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll also review a wrap-up and that ought to leave his time at the extremely 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 Global labor forces end up being a growing number of common and managing them ends up being more and more intricate Worldwide companies are looking to find Solutions and new ways to enhance processes especially from a payroll and cross-border payment viewpoint many companies keep separate bank account just for payroll while some have multiple accounts in various countries does it make good sense for business to maintain separate bank accounts sometimes in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex procedures of

making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business 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 property so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they include further intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll model there’s often a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really really standard there’s no genuine consistency framework 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 and that just blows my mind whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of an image they see a lack of presence also extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors poorly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be included best and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation 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 varying Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 process it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more important to add to kind of the level of complexity there’s increasingly more advantages being organ or being offered by services throughout the world so again you’re just seeking to include a growing number of payments to this currently intricate 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 challenges or genuine difficult type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an impact point of view on workers 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 result on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been amazed coming into this Market sort of the last five to ten years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just see when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally as well. For that reason, it is important to make sure that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the very first Global Payments very first payroll payment solution is a terrific preliminary step towards supplying a detailed payroll service for workers worldwide. Standardization, international processes, and reducing the number of tools, platforms, and savings account needed for global payroll are key consider attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.

anyhow we understand how how important a role 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 simple as possible for everybody that’s associated with those processes and likewise so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and kind of try to return to everyone so proceeding appearance why do companies pick to main different bank accounts there are Papaya Global Payroll Closing companies out there doing exactly this for particular countries and I have actually operated in a company or numerous companies doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions 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 individuals have actually 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 procedure that needs looking at it needs altering however eventually individuals are extremely stuck with what they recognize

with best um modification is a tough thing we all do not like change um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving multiple savings account but there’s a big amount of intricacy opts for setting up a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is big but I think the honest response is change um people have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to track and this technique does pose several obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Payroll Closing