Payment History Report Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Payment History Report Papaya Global… roles on the company side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually 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 dreary and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business preserve different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll likewise discuss a recap and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and managing them ends up being a growing number of complex Worldwide organizations are seeking to find Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment standpoint lots of companies preserve different savings account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep separate bank accounts sometimes in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business streamline the episode complex processes of

making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly policies compliance information security and banking guidelines then there are the large numbers they add further intricacy the international Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s typically an overwhelming variety of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very fundamental there’s no real consistency framework we’re living in an era 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 typically with pen and paper and that simply blows my mind each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of international businesses have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes improperly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be included best and what does

it require 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 amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly payments no if however some children 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to type of progress with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high worth on well-being and the payment landscape is ending up being significantly elaborate. Services are constantly introducing brand-new benefits and payment choices, which contributes to the general complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technologically sophisticated period, there’s no validation for maintaining cumbersome procedures. Payroll, the company’s most significant expenditure, should be processed correctly and on time. Even small hold-ups can adversely impact staff members’ well-being and have far-reaching repercussions. Therefore, it’s critical to prioritize precise and prompt payments.

payroll group get um so I’m unsure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise 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 things is definitely important that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is a great primary step um offering an end-to-end payroll service for your workers globally once again I believe is another huge um procedure again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of businesses and lowering the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not think any of us are really doing that for for the thanks

anyway we understand how how essential 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na say picture 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 talking about hundreds of thousands possibly Millions picture getting that numerous 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 intriguing task attempting 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 sort of shot to get back to everybody so proceeding appearance why do companies pick to main different checking account there are Payment History Report Papaya Global organizations out there doing exactly this for particular countries and I’ve worked in a business or lots of businesses doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas 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 think individuals have actually got so used to we require 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 simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous 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 requires changing however ultimately people are extremely stuck to what they recognize

with right um change is a hard thing all of us do not like modification um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining multiple bank accounts however there’s a big amount of intricacy opts for establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is substantial but I believe the honest answer is change um people haven’t had the ability to change or haven’t had always the knowledge to truly 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 understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century approximately there is a lot to keep an eye on and this technique does posture several challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so

I 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 feels like our CFO has gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Payment History Report Papaya Global