T Sheets Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …T Sheets Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 extremely extremely bleak and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve different

Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly helpful for global organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they include further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 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 around the globe in the traditional payroll design there’s typically a frustrating variety of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very very standard there’s no genuine consistency structure we’re residing in a period of tech however 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 which just blows my mind whenever I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a business invests in global payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of global services have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they count on the required several procedures 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 paying to workers or otherwise that’s a good concern I always toss this back and state what is it what does not 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 nation 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 consumer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link 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 enabling us to kind of progress with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 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 3rd parties so with the

The modern world places a high worth on well-being and the settlement landscape is ending up being increasingly elaborate. Services are continually presenting brand-new benefits and payment choices, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t have to hold true. In today’s highly innovative period, there’s no justification for preserving cumbersome procedures. Payroll, the company’s greatest expense, must be processed correctly and on time. Even small hold-ups can adversely affect workers’ well-being and have far-reaching repercussions. Therefore, it’s critical to focus on accurate and timely payments.

payroll team get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all hear about it when it goes wrong everyone 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 also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is an excellent first step um offering an end-to-end payroll option for your employees worldwide again I believe is another substantial um procedure again aligning and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of organizations and reducing the variety of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten 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 in fact doing that for for the thanks

anyway we know how how crucial a function 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 everybody that’s involved in those procedures and also so envision sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of try to return to everybody so proceeding appearance why do companies select to main different bank accounts there are T Sheets Papaya Global organizations out there doing precisely this for particular countries and I’ve operated in a service or many businesses doing exactly that I can say it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we don’t have to and anybody that’s managing 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 quantity that we are I believe many reasons one is it’s the standard I think individuals have got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs altering but ultimately people are very stuck with what they’re familiar

with best um change is a hard thing we all don’t like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving numerous savings account but there’s a substantial quantity of complexity opts for setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific people so the complexity is big but I think the sincere response is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think 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 genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century or two there is a lot to monitor and this method does pose a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so

I simply did you switched our Business 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 employees you should have a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you T Sheets Papaya Global