Papaya Global Software Training FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Software Training… roles on the supplier side and also on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody 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 sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I want I was elsewhere at this moment in time alright 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 business maintain separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap which must leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and handling them becomes a growing number of complicated Worldwide companies are wanting to discover Solutions and new methods to enhance processes particularly from a payroll and cross-border payment perspective many companies keep different checking account just for payroll while some have several accounts in various countries does it make sense for business to preserve separate savings account in some cases in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies streamline the episode complex processes of

making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most significantly policies compliance information security and banking rules then there are the large numbers they include further intricacy the worldwide Labor force 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 consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s often a frustrating number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really really standard there’s no real consistency framework we’re residing 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 each time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on international payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors badly interacted hires and terminations along with lack management and system setups and then when you round it all off and the data is delivered to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count on the necessary numerous 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 challenges company face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t need to be included best and what does

it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble incredibly payments no if but 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 essential and innovation is permitting us to sort of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

The modern-day world puts a high value on well-being and the payment landscape is ending up being significantly complex. Services are continually presenting brand-new benefits and payment options, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technically advanced period, there’s no justification for keeping troublesome treatments. Payroll, the business’s biggest cost, must be processed correctly and on time. Even slight delays can negatively affect employees’ wellness and have far-reaching effects. For that reason, it’s crucial to prioritize precise and timely payments.

payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it fails but 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 crucial that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a fantastic first step um supplying an end-to-end payroll service for your employees globally again I think is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of services and lowering the variety of tools platforms and savings account they need for their International payroll too couldn’t 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 don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks

anyway we know how how crucial a function 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 associated with those procedures and also so picture sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and kind of try to return to everybody so moving on appearance why do business select to primary different bank accounts there are Papaya Global Software Training organizations out there doing exactly this for specific nations and I’ve worked in an organization or numerous services doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t have to and any person that’s managing that procedure 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 lots of reasons one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it needs altering but ultimately people are very stuck with what they recognize

with best um change is a difficult thing we all do not like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping numerous savings account however there’s a substantial quantity of complexity goes with establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is huge but I believe the truthful response is change um individuals have not had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or two there is a lot to track and this method does pose several difficulties um so Johnny might you tell us about those challenges yeah obviously 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 handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Software Training