Mullan Training Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Mullan Training Papaya Global… functions on the service provider side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another number 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 rather intriguing and I can see it going on currently simply to hear where everybody 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 remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I wish I was somewhere else at this moment in time fine 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 managing International payroll why companies keep separate

Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for businesses operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to enhance working capital, and find how improving global payroll payments can change them from a challenging task into a strategic possession.

Managing payroll internationally is a challenging task due to various guidelines, compliance requirements, data security concerns, and banking rules. The sheer variety of staff members and organizations adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.

Conventional payroll systems often result in manual procedures, information silos, and an absence of combination, leading to disparities and ineffectiveness. Despite living in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and options to simplify and optimize global payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in global payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of global companies have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes poorly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be included right and what does

it need to be thought about there’s varying Bank details 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 have 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 crucial but all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to kind of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely important that payroll and finance groups work more detailed together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being a growing number of important to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by companies across the world so again you’re just seeking to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or genuine difficult 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 say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an impact perspective on workers it is absolutely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental result on people’s wellness and lots of other elements if people aren’t paid uh I have actually always been astonished coming into this Market kind of the last five to 10 years is how little thanks the

payroll group get um so I’m not sure anyone on this sort of webinar has actually been told 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 important cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe 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 stuff is definitely important that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment service is a great primary step um supplying an end-to-end payroll option for your workers internationally again I believe is another big um process again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of services and lowering the number of tools platforms and checking 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we understand 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 simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task 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 require days of the week to try to look through them and actually see what was going on and sort of shot to return to everybody so proceeding look why do companies select to main separate savings account there are Mullan Training Papaya Global services out there doing precisely this for particular countries and I have actually operated in a company or many services doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anybody that’s handling 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 many factors one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals 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 believe this is a procedure that needs looking at it requires changing however ultimately individuals are really stuck with what they’re familiar

with ideal um modification is a tough thing we all do not like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping multiple bank accounts however there’s a substantial quantity of complexity goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the intricacy is substantial but I think the honest answer is change um people haven’t had the ability 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’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly 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 nearly be determined to be the next Century approximately there is a lot to track and this method does pose a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Mullan Training Papaya Global