Papaya Global Vs Surepayroll FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Vs Surepayroll… roles on the supplier side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually 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 really very bleak and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business preserve different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll likewise go over a recap and that ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and managing them ends up being increasingly more intricate Global organizations are wanting to discover Solutions and new ways to simplify processes specifically from a payroll and cross-border payment standpoint many companies maintain separate bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve different savings account sometimes in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business improve the episode complex procedures of

Making sure accurate, effective, and prompt payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business anticipate payroll expenses to optimize working capital, and discover how improving international payroll payments can transform them from a challenging task into a strategic asset.

Handling payroll globally is a challenging job due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.

Conventional payroll systems typically lead to manual procedures, information silos, and a lack of integration, causing disparities and inefficiencies. Regardless of residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to supply insights and options to simplify and optimize worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data 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 exposure also extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of global companies 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 because of time reporting poor HCM information information entry mistakes inadequately communicated hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s complexity any place you look best ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to sort of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing teams work closer together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from computation 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 procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of important to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being used by organizations across the world so again you’re just looking to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any company has from an expense viewpoint from an effect point of view on staff members it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I have actually constantly been amazed entering this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think 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 definitely vital that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your employees internationally once again I think is another big um process again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of businesses and minimizing the variety of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of 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 meant to be um I do not think any of us are actually doing that for for the thanks

anyhow we know how how crucial a function 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 everyone that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that many 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 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 require days of the week to try to check out them and really see what was going on and type of shot to return to everybody so proceeding look why do companies choose to primary separate checking account there are Papaya Global Vs Surepayroll services out there doing exactly this for particular nations and I have actually operated in an organization or many companies doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s handling 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 amount that we are I believe numerous reasons one is it’s the requirement I believe individuals have actually got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it needs changing but ultimately individuals are really stuck to what they’re familiar

with ideal um change is a challenging thing all of us 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 great deal of track of stuff um I understand clearly the benefits of having keeping several checking account but there’s a substantial amount of complexity goes with setting up a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial however I believe the honest answer is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose numerous obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Vs Surepayroll