Biotime Plus To Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Biotime Plus To Papaya Global… roles on the provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already 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 sunshine is it it’s not no it’s it’s drizzling here it’s extremely really bleak and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a recap and that should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of typical and managing them ends up being increasingly more intricate Global organizations are wanting to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment viewpoint lots of organizations keep different savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to maintain separate savings account often in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex procedures of

Making sure accurate, efficient, and timely payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and find how enhancing global payroll payments can transform them from a troublesome job into a strategic property.

Handling payroll internationally is a difficult task due to numerous regulations, compliance requirements, data security issues, and banking rules. The large number of workers and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems often result in manual procedures, data silos, and an absence of combination, leading to disparities and ineffectiveness. Despite residing in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to supply insights and options to simplify and enhance global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization spends on global payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of international companies have actually 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 because of time reporting bad HCM data data entry mistakes badly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the typical expense of a global 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 smoothly if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be included ideal and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 intricacy wherever you look right ultimately building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like very payments no if however some children 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 recognition that payroll payments are definitely essential and innovation is enabling us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 ultimately 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 likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being provided by organizations across the world so once again you’re just wanting to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or genuine difficult kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to develop extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from an expense perspective from an effect viewpoint on workers it is absolutely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental effect on people’s well-being and many other elements if people aren’t paid uh I have actually constantly been impressed entering this Market sort of the last 5 to ten years is how little thanks the

payroll team get um so I’m uncertain anyone on this kind 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 workers or not um however ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is an excellent primary step um supplying an end-to-end payroll option for your employees worldwide again I think is another big um process once again aligning and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of companies and decreasing the variety of tools platforms and checking account they require for their International 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 countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow 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 everyone that’s associated with those processes and also so think of sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely 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 kind of try to return to everybody so carrying on look why do business pick to main different bank accounts there are Biotime Plus To Papaya Global businesses out there doing precisely this for specific nations and I’ve worked in a company or lots of services doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and anybody that’s dealing with 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 believe many factors one is it’s the requirement I think individuals have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires altering but ultimately individuals are very stuck with what they’re familiar

with ideal um modification is a challenging thing we all don’t like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having keeping several bank accounts however there’s a huge amount of complexity chooses establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is big however I believe the truthful answer is change um individuals have not had the ability to change or have not had always the understanding to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this method does position several difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a variety 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 jobs on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Biotime Plus To Papaya Global