Papaya Global Payslipssage FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Payslipssage… functions on the company side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies keep separate

Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to enhance working capital, and discover how enhancing global payroll payments can change them from a challenging task into a strategic asset.

Managing payroll globally is a challenging job due to various regulations, compliance requirements, information security issues, and banking rules. The large number of staff members and services adds to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.

Conventional payroll systems frequently result in manual processes, information silos, and an absence of combination, leading to disparities and inadequacies. In spite of living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and services to streamline and optimize worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on global payroll the less of a picture they see a lack of presence also encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses have actually revealed that they do not 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 along with lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location 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 cash worldwide payroll and payments don’t run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be included best and what does

it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 complexity wherever you look best eventually building a knowledge base is definitely important however everywhere you look with payroll payment they resemble incredibly payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to sort of progress with that it likewise also to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing teams work better together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high worth on wellness and the payment landscape is ending up being significantly complex. Businesses are continuously presenting brand-new benefits and payment options, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technically sophisticated era, there’s no reason for maintaining troublesome treatments. Payroll, the business’s biggest expense, must be processed correctly and on time. Even minor hold-ups can negatively affect workers’ wellness and have significant repercussions. For that reason, it’s important to focus on precise and prompt payments.

payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been told 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 employees or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe 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 things is absolutely crucial that all of this things is done correctly so leveraging the first Global Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll solution for your staff members internationally again I think is another substantial um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and savings account they require for their International 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 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 problems where things haven’t gone quite where they’re suggested to be um I do not think any of us are actually doing that for for the thanks

anyway we understand how how essential 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 easy as possible for everybody that’s involved in those processes and also so imagine sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and kind of try to get back to everyone so moving on look why do companies pick to main separate checking account there are Papaya Global Payslipssage services out there doing precisely this for specific countries and I have actually operated in a company or many companies doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anybody that’s dealing with 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 quantity that we are I think many reasons one is it’s the standard I think individuals have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a procedure that requires looking at it requires changing but ultimately people are extremely stuck with what they recognize

with ideal um change is a hard thing we all don’t like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining several bank accounts but there’s a substantial amount of complexity goes with establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is substantial however I think the sincere response is modification um individuals have not had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century or two there is a lot to monitor and this approach does position numerous challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so

I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payslipssage