Papaya Global 50 Gender Pay Gap FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global 50 Gender Pay Gap… roles on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give 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 type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually 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 very really gloomy and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and handling them becomes increasingly more complicated Worldwide organizations are wanting to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment viewpoint lots of organizations keep different checking account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain separate savings account often in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex processes of

Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business anticipate payroll expenses to optimize working capital, and find how streamlining global payroll payments can change them from a troublesome task into a tactical property.

Handling payroll internationally is a challenging job due to different guidelines, compliance requirements, data security issues, and banking rules. The large number of workers and businesses adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems typically lead to manual processes, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. In spite of living in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and solutions to streamline 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 organizations say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of international services have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information 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 expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and say what is it what does not require to be consisted of 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 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 complexity any place you look right eventually building a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 technology is allowing us to sort of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being a growing number of important to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re just aiming to add increasingly more payments to this already complicated landscape so if you sort 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 obstacles or genuine tough sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any organization has from a cost perspective from an effect point of view on employees it is absolutely vital that it’s done properly 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 greatest damaging result on people’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been astonished coming into this Market type of the last 5 to ten years is how little thanks the

The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just discover when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. Therefore, it is essential to ensure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first International Payments first payroll payment service is an excellent preliminary action towards offering an extensive payroll solution for staff members worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and checking account essential for worldwide payroll are crucial factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as planned. Eventually, we don’t 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 processes and likewise so think of sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and type of shot to return to everyone so moving on look why do business choose to primary separate bank accounts there are Papaya Global 50 Gender Pay Gap businesses out there doing exactly this for specific nations and I have actually operated in a company or many organizations doing exactly that I can state it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not have to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe 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 believe individuals have got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs altering however eventually individuals are really stuck with what they recognize

with right um change is a hard thing we all do not like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping several savings account however there’s a big amount of intricacy goes with setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private people so the complexity is big but I believe the honest response is change um individuals haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or so there is a lot to track and this technique does pose numerous challenges um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so

I recently made a change 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 actually acquired another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international 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 50 Gender Pay Gap