Printing Papaya Global P11 FAQ – Payroll Management 2024

Over the last five or six years …Printing Papaya Global P11… functions on the company side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so to join all of us 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 already simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very dreary and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business keep separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll also discuss a wrap-up and that ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and managing them becomes a growing number of complicated Worldwide organizations are wanting to find Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment standpoint numerous organizations keep different checking account just for payroll while some have multiple accounts in different nations does it make sense for companies to maintain separate checking account sometimes in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business simplify the episode complex procedures of

making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate 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 sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most notably regulations compliance information security and banking rules then there are the large numbers they add more complexity the international Workforce is presently 3 and a half billion people by 2030 it’s approximated 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 factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s often a frustrating variety of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really very standard there’s no real consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place 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 all over the world payroll and payments don’t run efficiently if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be consisted of best and what does

it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to sort of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and financing teams work closer together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more crucial to add to kind of the level of intricacy there’s a growing number of benefits being organ or being offered by organizations throughout the world so once again you’re just looking to add more and more payments to this already intricate landscape so if you kind 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 tough sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense perspective from an impact point of view on staff members it is definitely crucial that it’s done properly and on time so what we mean 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 destructive result on people’s wellness and numerous other aspects if people aren’t paid uh I’ve always been impressed entering this Market sort of the last 5 to 10 years is how little thanks the

The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only discover when things go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally as well. Therefore, it is essential to make sure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment solution is an excellent preliminary action towards supplying a comprehensive payroll solution for employees worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and savings account required for worldwide payroll are essential consider accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Eventually, we don’t do it for the gratitude.

anyhow we know how how important a role 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 simple as possible for everybody that’s associated with those processes and likewise so picture sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and sort of try to get back to everyone so proceeding appearance why do business pick to primary different bank accounts there are Printing Papaya Global P11 services out there doing precisely this for specific nations and I have actually worked in a business or lots of businesses doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s dealing with that process 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 lots of reasons one is it’s the requirement I think individuals have got so used to we require a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs looking at it needs altering but ultimately people are extremely stuck to what they recognize

with best um modification is a hard thing all of us don’t like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having preserving numerous bank accounts but there’s a big amount of complexity goes with establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is big but I think the sincere answer is change um individuals have not been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or two there is a lot to monitor and this method does posture numerous obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Printing Papaya Global P11