Papaya Global Technical Support FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Technical Support… roles on the service provider side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 very gloomy and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business maintain separate

Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise 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 organizations operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to enhance working capital, and find how simplifying international payroll payments can change them from a burdensome job into a tactical possession.

Handling payroll internationally is an overwhelming task due to different policies, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and businesses contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.

Conventional payroll systems typically result in manual processes, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Regardless of residing in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and enhance worldwide 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 gives me sleepless nights and rather frankly the more a business spends on global payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide companies have actually expressed that they don’t 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 information information entry mistakes badly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the data is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s a great question I always toss this back and say what is it what does not 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 amount of time there’s payment abilities 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 anywhere you look best ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in 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 allowing us to type of move forward with that it likewise also to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work better together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession 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 typically 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high value on wellness and the payment landscape is becoming increasingly complex. Services are continuously presenting new advantages and payment alternatives, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my opinion, this does not need to be the case. In today’s technically innovative period, there’s no justification for keeping cumbersome treatments. Payroll, the company’s biggest expenditure, should be processed properly and on time. Even minor hold-ups can negatively affect workers’ wellness and have significant effects. Therefore, it’s crucial to prioritize precise and prompt payments.

The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just see when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the very first Global Payments first payroll payment option is a fantastic preliminary action towards supplying a comprehensive payroll option for workers worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account necessary for international payroll are crucial consider achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as prepared. Ultimately, we don’t do it for the gratitude.

anyhow we know how how important 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 simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting 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 require days of the week to try to check out them and in fact see what was going on and kind of try to return to everyone so carrying on appearance why do companies pick to primary different checking account there are Papaya Global Technical Support companies out there doing exactly this for specific nations and I’ve operated in a business or many businesses doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not have to and any person 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 amount that we are I believe numerous reasons one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a process that requires taking a look at it requires altering but eventually people are extremely stuck with what they recognize

with right um modification is a tough thing we all don’t like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having maintaining several savings account however there’s a big quantity of complexity opts for establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is huge but I believe the sincere response is change um individuals haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does position numerous challenges um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Technical Support