Papaya Global Backdate FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Backdate… functions on the provider side and also on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really uninspiring and I wish I was elsewhere at this moment in time alright 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 International payroll why companies preserve separate

Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical 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.

making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most notably regulations compliance data security and banking rules then there are the sheer numbers they add additional intricacy the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll design there’s frequently a frustrating variety of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely very basic there’s no genuine consistency structure we’re residing in an age of tech however 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 just blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide 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 because of time reporting poor HCM data data entry errors improperly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the essential numerous 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 obstacles business face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be consisted of ideal and what does

it require to be thought of there’s differing Bank information 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they are like very payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to type of move on with that it also also to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I’m always impressed when individuals 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high worth on wellness and the compensation landscape is becoming significantly intricate. Companies are constantly introducing new benefits and payment alternatives, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technologically sophisticated era, there’s no reason for preserving cumbersome procedures. Payroll, the company’s biggest cost, should be processed correctly and on time. Even minor delays can negatively affect employees’ wellness and have significant repercussions. For that reason, it’s critical to prioritize precise and timely payments.

The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific 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 fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally as well. For that reason, it is important to guarantee that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Worldwide Payments first payroll payment option is a fantastic preliminary action towards offering a detailed payroll service for employees worldwide. Standardization, international processes, and lowering the number of tools, platforms, and checking account needed for international payroll are essential consider accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as prepared. Eventually, we do not do it for the appreciation.

anyway we know how how essential 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 simple as possible for everybody that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and type of shot to return to everyone so moving on appearance why do business pick to main different checking account there are Papaya Global Backdate organizations out there doing precisely this for specific nations and I have actually worked in a service or many businesses doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anyone 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 think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard 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 standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing however ultimately individuals are really stuck to what they’re familiar

with best um modification is a tough thing we all don’t like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having preserving numerous bank accounts however there’s a huge amount of complexity opts for establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the intricacy is big but I think the truthful response is modification um individuals haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century approximately there is a lot to track and this approach does present several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this improved capability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Backdate