Papaya Global Year End Update 2023 FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Year End Update 2023… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind 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 sort of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really bleak and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve different

Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss 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.

making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the worldwide Workforce is presently three and a half billion people 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 factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll model there’s often a frustrating variety of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely very standard there’s no real consistency structure we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on international payroll the less of a photo they see a lack of presence also reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of international companies have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does

it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly 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 essential and technology is permitting us to type of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and financing teams work closer together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high value on well-being and the compensation landscape is ending up being progressively elaborate. Services are continually presenting brand-new benefits and payment alternatives, which adds to the total intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today’s technically advanced period, there’s no validation for maintaining troublesome procedures. Payroll, the company’s greatest cost, must be processed properly and on time. Even small hold-ups can negatively impact staff members’ well-being and have significant consequences. Therefore, it’s vital to focus on accurate and timely payments.

payroll team get um so I’m uncertain anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is a terrific first step um providing an end-to-end payroll solution for your staff members internationally again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and bank accounts they require for their Global 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks

anyway we know how how important 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 procedures and also so think of sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and kind of shot to get back to everybody so carrying on appearance why do business select to primary different bank accounts there are Papaya Global Year End Update 2023 companies out there doing precisely this for specific nations and I have actually worked in a service or lots of services doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing extra work for any person 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 think 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 actually got so utilized to we require a new savings 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 individuals have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires looking at it requires altering but eventually people are extremely stuck with what they recognize

with right um change is a challenging thing we all do not like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping several savings account but there’s a substantial amount of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is huge however I believe the sincere response is modification um people have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe 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 genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to keep track of and this technique does pose numerous difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so

I simply 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 Global staff members you deserve a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End Update 2023