Papaya Global Ap Intego FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Ap Intego… roles on the service provider side and likewise on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone 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 currently just 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 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 really really uninspiring and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business maintain separate

Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they include further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s frequently a frustrating variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or very really basic there’s no genuine consistency framework we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a service invests in global payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they rely on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be included ideal and what does

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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 time frames there’s payment abilities 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 consumer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 fundamental and innovation is permitting us to kind of move on with that it also too to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split 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 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

world we reside in and well-being being more and more crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by companies throughout the world so again you’re just wanting to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine obstacles or real challenging type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate 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 know that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost perspective from an effect viewpoint on employees it is absolutely vital 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 have to be done right it has the most significant harmful impact on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been surprised entering this Market kind of the last 5 to ten years is how little thanks the

The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just discover when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first International Payments very first payroll payment option is a terrific preliminary step towards providing a comprehensive payroll service for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts necessary for international payroll are key factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as planned. Ultimately, we don’t do it for the thankfulness.

anyhow we understand how how important 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 easy as possible for everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean up 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 try to browse them and really see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies pick to main different checking account there are Papaya Global Ap Intego organizations out there doing precisely this for particular countries and I’ve operated in an organization or numerous businesses doing exactly that I can say it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and anybody that’s handling that process 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 think many reasons one is it’s the requirement I believe individuals 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 variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals 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 requires altering however ultimately individuals are extremely stuck to what they recognize

with best um modification is a challenging thing we all do not like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping several savings account however there’s a substantial amount of intricacy chooses establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private people so the complexity is substantial but I think the truthful answer is change um individuals haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to track and this technique does present numerous difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so

I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Ap Intego