Papaya Global 26.02 FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global 26.02… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody 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 fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually 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 really really bleak and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies maintain different

Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.

Ensuring precise, effective, and prompt payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to enhance working capital, and find how improving international payroll payments can change them from a burdensome task into a strategic property.

Managing payroll worldwide is a challenging task due to numerous policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of employees and organizations contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems typically result in manual processes, information silos, and a lack of combination, leading to inconsistencies and inadequacies. Regardless of living in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and options to streamline and optimize worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a company invests in international payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global companies have revealed 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 because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the data is shipped to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be consisted of best and what does

it need to be thought of there’s varying 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 abilities 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 client’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to kind of progress with that it also also to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high value on well-being and the compensation landscape is becoming significantly detailed. Organizations are continually introducing brand-new benefits and payment options, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s highly innovative era, there’s no reason for keeping cumbersome treatments. Payroll, the company’s greatest expense, must be processed correctly and on time. Even slight hold-ups can adversely affect staff members’ wellness and have significant consequences. For that reason, it’s important to prioritize precise and prompt payments.

payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great 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 become aware of it when it goes wrong everybody jumps up and down when it goes wrong however 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 likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific first step um supplying an end-to-end payroll service for your workers worldwide once again I think is another substantial um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and reducing the variety of tools platforms and bank accounts they need 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 have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks

anyhow we understand how how crucial 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that lots of 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 interesting task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and kind of try to return to everyone so moving on look why do business choose to main different savings account there are Papaya Global 26.02 businesses out there doing precisely this for specific nations and I have actually worked in a service or many companies doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe individuals have actually got so used to we need a brand-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 actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires changing but ultimately people are really stuck with what they’re familiar

with right um modification is a tough thing we all don’t like change um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping numerous savings account but there’s a huge amount of intricacy opts for establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is huge but I think the truthful response is modification um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or so there is a lot to monitor and this approach does posture numerous obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so

I simply did you changed our Business 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 International workers you deserve a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 26.02