Papaya Global Wrong Date FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Wrong Date… roles on the company side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone 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 very gloomy and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business maintain different

Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property 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.

making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they include more intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 around the globe in the traditional payroll design there’s frequently a frustrating number of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely very standard there’s no real consistency structure we’re residing in an age of tech but payroll has been slow 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 give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company invests in global payroll the less of an image they see a lack of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of global services have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is delivered to the wrong location the typical cost of a global 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 rely on the required multiple procedures 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 challenges organization face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be consisted of right and what does

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it need to be thought about 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 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 customer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is definitely crucial but 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 type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to kind of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely vital that payroll and financing groups work better together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being increasingly more essential to add to sort of the level of intricacy there’s a growing number of advantages being organ or being provided by businesses across the world so again you’re simply seeking to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine challenging sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single greatest liability that any organization has from an expense point of view from an effect perspective on staff members it is definitely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been astonished coming into this Market kind of the last five to 10 years is how little thanks the

The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s perceived externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the very first Global Payments very first payroll payment service is a terrific preliminary step towards offering a thorough payroll service for workers worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and savings account required for global payroll are crucial consider attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.

anyhow we know 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 associated with those procedures and likewise so envision sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and type of try to get back to everybody so moving on appearance why do business pick to primary different savings account there are Papaya Global Wrong Date organizations out there doing precisely this for particular nations and I have actually worked in an organization or many services doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I believe individuals have got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced 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 lots of other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs altering however ultimately individuals are extremely stuck to what they’re familiar

with ideal um change is a tough thing we all don’t like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining multiple checking account however there’s a huge amount of complexity chooses setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific people so the intricacy is substantial but I believe the honest answer is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined 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 inform us about those challenges yeah of course so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Wrong Date