Papaya Global Questions FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Questions… roles on the service provider 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 everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really dreary and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep different

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for companies running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to enhance working capital, and find how enhancing international payroll payments can change them from a troublesome job into a strategic possession.

Handling payroll internationally is a challenging task due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and companies adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million services worldwide.

Traditional payroll systems typically result in manual processes, information silos, and an absence of integration, causing disparities and inadequacies. In spite of living in an age of technological developments, 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 aims to provide insights and options to streamline and optimize international payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in international payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of international services have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average cost of a global 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 count on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be consisted of best and what does

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it require 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 timespan 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 complexity any place you look right ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to sort of progress with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m always amazed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 individuals wherever they are but also paying statutory authorities and on statutory third parties so with the

The contemporary world places a high worth on wellness and the payment landscape is becoming progressively complex. Companies are continuously introducing new benefits and payment options, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t need to be the case. In today’s highly advanced age, there’s no justification for maintaining troublesome treatments. Payroll, the company’s biggest cost, should be processed properly and on time. Even small hold-ups can adversely affect workers’ wellness and have far-reaching consequences. Therefore, it’s crucial to focus on accurate and timely payments.

payroll team get um so I’m not sure anybody on this type of webinar has actually been told thank you for processing my payroll properly 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 fails but 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 stuff is absolutely essential that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a fantastic initial step um providing an end-to-end payroll service for your workers globally once again I believe is another substantial um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of organizations and lowering the variety of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks

anyway we know how how crucial 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was simply gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case 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 everybody so carrying on appearance why do companies pick to main different checking account there are Papaya Global Questions organizations out there doing exactly this for particular nations and I have actually operated in a service or many services doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and anyone that’s managing 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 quantity that we are I believe lots of factors one is it’s the standard I believe individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires altering but ultimately people are very stuck with what they recognize

with best um change is a challenging thing we all do not like change um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having keeping several savings account but there’s a substantial quantity of complexity chooses establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge but I think the truthful answer is change um individuals haven’t had the ability 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 understand and there is a component of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to monitor and this method does pose several challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Questions