Papaya Global Classroom Training FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Classroom Training… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all 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 currently simply to hear where everyone is um it’s nice to to sort of like see where everyone 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 drizzling here it’s extremely very bleak and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also review a wrap-up and that must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them ends up being more and more complex Worldwide organizations are wanting to find Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment standpoint many organizations keep separate checking account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve different checking account in some cases in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex processes of

making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they include more complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll model there’s frequently an overwhelming number of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really very fundamental there’s no genuine consistency structure we’re living in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of international organizations have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors 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 shipped to the wrong location the typical 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 money around the globe payroll and payments do not run smoothly if they depend on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective 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 question I constantly toss this back and state what is it what doesn’t need to be consisted of best 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 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 any place you look right eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble super 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 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 innovation is enabling us to type of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more important to contribute to sort of the level of complexity there’s more and more benefits being organ or being offered by services throughout the world so once again you’re simply seeking to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine challenges or real tough kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from a cost perspective from an impact point of view on staff members it is absolutely important 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 need to be done right it has the greatest damaging result on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been amazed entering into this Market type of the last five to 10 years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just discover when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. For that reason, it is important to make sure that jobs like Wi-Fi International and other important matters are done correctly. Using the very first Global Payments very first payroll payment solution is a terrific preliminary step towards offering an extensive payroll service for workers worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and checking account essential for international payroll are essential consider attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as prepared. Ultimately, we don’t do it for the appreciation.

anyhow 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 imagine sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh definitely 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 check out them and actually see what was going on and sort of shot to get back to everybody so moving on look why do business pick to main different savings account there are Papaya Global Classroom Training organizations out there doing precisely this for specific nations and I have actually operated in a service or many organizations doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not need to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount 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 new bank account we open an entity and rightly so you need it for payroll functions 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 the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires altering however eventually people are extremely stuck with what they’re familiar

with best um change is a difficult thing all of us do not like modification um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving several checking account but there’s a big quantity of intricacy opts for establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial however I believe the truthful answer is modification um people haven’t been able to change or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does present several obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Classroom Training