Papaya Global Telephone Support FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Telephone Support… roles on the company side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two 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 interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 extremely dreary 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 taking a look at the obstacle years of handling Worldwide payroll why companies preserve separate

Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Ensuring accurate, effective, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and find how simplifying international payroll payments can change them from a burdensome task into a tactical possession.

Managing payroll worldwide is an overwhelming task due to different policies, compliance requirements, information security issues, and banking rules. The sheer variety of workers and organizations adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.

Standard payroll systems often lead to manual processes, information silos, and an absence of integration, leading to disparities and ineffectiveness. In spite of living in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to offer insights and solutions to streamline and optimize global payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global services have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the wrong place 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 around the globe payroll and payments don’t run smoothly if they count on the essential multiple processes 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 obstacles business face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and say what is it what does not need to be included ideal 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 nation there’s payment time frames 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 intricacy any place you look best eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type 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 innovation is allowing us to type of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work better together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being increasingly more crucial to add to type of the level of intricacy there’s a growing number of advantages being organ or being used by organizations throughout the world so once again you’re simply looking to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine obstacles or real tough type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely say 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 job there are groups feeding information into the next function as it were that’s in fact 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 need to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost perspective from an impact perspective on staff members it is absolutely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive impact on people’s well-being and many other aspects if people aren’t paid uh I’ve always been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just notice when things fail. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally too. Therefore, it is vital to guarantee that jobs like Wi-Fi International and other vital matters are done correctly. Using the first Worldwide Payments very first payroll payment service is a great initial action towards providing a thorough payroll solution for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and bank accounts required for international payroll are crucial consider attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Eventually, we do not do it for the thankfulness.

anyhow we understand 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 simple as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that numerous 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 attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and sort of shot to get back to everyone so carrying on look why do companies choose to main different savings account there are Papaya Global Telephone Support businesses out there doing precisely this for particular nations and I have actually worked in a company or lots of companies 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 producing extra work for any person where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe people have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute 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 range I believe this is a process that requires taking a look at it needs changing but eventually individuals are very stuck with what they’re familiar

with ideal um modification is a difficult thing we all don’t like modification um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving several bank accounts but there’s a substantial quantity of complexity goes with establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is huge but I think the sincere answer is modification um people haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to monitor and this method does present several obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so

I just 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 seems like our CFO has actually acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Telephone Support