Papaya Global Year End Process 2019 FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Year End Process 2019… functions on the supplier side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing 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 everybody originates from and I really do hope it’s much sunnier than it is 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 extremely very uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business keep different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll also discuss a recap and that must leave his time at the extremely 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 labor forces become increasingly more common and managing them becomes increasingly more intricate Global companies are wanting to discover Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment perspective numerous companies keep different savings account just for payroll while some have multiple accounts in various nations does it make sense for business to keep separate checking account sometimes in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies simplify the episode complex processes of

making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most significantly guidelines compliance information security and banking rules then there are the large numbers they add additional complexity the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll model there’s typically an overwhelming number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or really extremely basic there’s no real consistency structure we’re residing in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on international payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors inadequately communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the information is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be consisted of right and what does

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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 time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to type of progress with that it likewise as well to add to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world places a high worth on wellness and the compensation landscape is ending up being significantly intricate. Companies are continually introducing new benefits and payment choices, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s highly innovative period, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s most significant expenditure, should be processed correctly and on time. Even slight delays can adversely impact employees’ wellness and have far-reaching effects. Therefore, it’s crucial to prioritize accurate and prompt payments.

payroll group get um so I’m unsure anyone on this kind of webinar has been informed 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 we all become aware of it when it goes wrong everybody 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is an excellent first step um supplying an end-to-end payroll option for your staff members internationally again I think is another huge um procedure once again lining up and ensuring you have standardization International procedures all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks

anyhow we know how how essential a role it is and that’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 imagine sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of try to get back to everybody so moving on appearance why do business choose to main separate savings account there are Papaya Global Year End Process 2019 businesses out there doing precisely this for particular nations and I’ve worked in a service or many organizations doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we do not need to and anybody that’s managing 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 amount that we are I believe many reasons one is it’s the standard I believe people have got so utilized to we need a brand-new checking account we open an entity and appropriately 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 norm individuals have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a process that needs looking at it needs altering but eventually people are very stuck to 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 type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining numerous bank accounts however there’s a huge amount of intricacy goes with setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is big however I think the truthful answer is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does pose numerous challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Year End Process 2019