Run Papaya Global Monthly Reports FAQ – Payroll Management 2024

Over the last 5 or 6 years …Run Papaya Global Monthly Reports… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple 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 rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very bleak and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business preserve separate

Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they include more intricacy the worldwide Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there’s typically a frustrating variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or really extremely standard there’s no genuine consistency structure 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 frequently with pen and paper which simply 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 companies state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in worldwide payroll the less of an image they see an absence of presence also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of global organizations have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes poorly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is shipped to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they depend on the required several 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 obstacles business face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be included ideal and what does

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it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 absolutely basic and technology is enabling us to type of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I’m constantly impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t 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 typically 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more essential to add to kind of the level of complexity there’s increasingly more benefits being organ or being used by companies across the world so once again you’re just wanting to add increasingly more payments to this already intricate 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 real tough kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple 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 teams doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to create additional handoffs while doing sos 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 an era of tech and an era that you understand 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 most significant liability that any organization has from a cost perspective from an impact point of view on employees it is definitely critical that it’s done correctly and on time so what we mean 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 detrimental effect on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve always been impressed coming into this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however 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 also like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a great primary step um offering an end-to-end payroll service for your workers globally again I believe is another huge um procedure once again aligning and ensuring you have standardization International procedures all of those things are absolutely essential to success success of organizations and decreasing the variety of tools platforms and savings account they need for their International 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t believe any of us are really doing that for for the thanks

anyway we know how how essential 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 easy as possible for everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying 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 require days of the week to try to browse them and really see what was going on and sort of shot to get back to everybody so proceeding look why do companies select to primary different bank accounts there are Run Papaya Global Monthly Reports organizations out there doing exactly this for particular countries and I’ve operated in a company or many organizations doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and anybody that’s managing that process 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 many factors one is it’s the standard I believe people have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering but ultimately people are really stuck with what they’re familiar

with best um change is a tough thing we all do not like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having preserving numerous savings account however there’s a big quantity of complexity opts for setting up a checking account maintaining 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 huge however I think the honest response is modification um people haven’t been able to alter or have not had always 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 an element of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or so there is a lot to track and this technique does present several obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 staff members 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 more detailed, considering your achievements. Run Papaya Global Monthly Reports