Papaya Global Background Update Problems FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Background Update Problems… roles on the provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes 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 very really gloomy and I want 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 difficulty years of managing Worldwide payroll why business maintain separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll likewise discuss a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them becomes a growing number of intricate Global companies are looking to discover Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment viewpoint lots of companies keep different savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain separate savings account in some cases in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business improve the episode complex procedures of

Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and find how streamlining global payroll payments can transform them from a burdensome task into a tactical asset.

Handling payroll worldwide is an overwhelming job due to various regulations, compliance requirements, information security concerns, and banking rules. The large variety of employees and organizations contributes to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems frequently lead to manual procedures, information silos, and an absence of integration, resulting in disparities and inefficiencies. Regardless of residing in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and options to streamline and optimize worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of global businesses have actually revealed that they do not 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 information entry errors poorly communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the information is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be consisted of right and what does

it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 right ultimately building a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to type of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

The modern world places a high value on well-being and the settlement landscape is becoming significantly elaborate. Organizations are continuously introducing new advantages and payment alternatives, which adds to the general complexity. Large corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today’s highly sophisticated age, there’s no validation for preserving cumbersome procedures. Payroll, the business’s biggest cost, must be processed properly and on time. Even small delays can negatively affect employees’ well-being and have far-reaching consequences. Therefore, it’s important to focus on accurate and timely payments.

payroll group get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll solution for your staff members internationally again I think is another huge um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of services and reducing the number of tools platforms and savings account they require for their Worldwide 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 thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t believe any of us are in fact 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean up 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 kind of try to return to everyone so proceeding look why do companies select to primary different checking account there are Papaya Global Background Update Problems companies out there doing precisely this for specific countries and I’ve worked in a company or many organizations doing exactly that I can say it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for any person where we don’t need to and any person that’s handling 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 amount that we are I think lots of reasons one is it’s the standard I think people have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I think this is a process that requires looking at it requires altering however eventually people are extremely stuck to what they recognize

with best um modification is a hard thing we all do not like modification um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving numerous bank accounts however there’s a huge quantity of complexity goes with setting up a savings account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for private people so the intricacy is huge but I believe the honest answer is change um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to track and this method does pose numerous difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Background Update Problems