Papaya Global Cloud Backup FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Cloud Backup… functions on the service provider side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting 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 everyone originates from and I truly 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 raining here it’s extremely really dreary and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise review a recap and that must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them becomes more and more intricate International companies are seeking to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment standpoint lots of organizations maintain different bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve different savings account often in different countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business improve the episode complex processes of

Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to enhance working capital, and discover how simplifying global payroll payments can change them from a troublesome job into a strategic property.

Managing payroll worldwide is a challenging job due to numerous policies, compliance requirements, data security concerns, and banking rules. The large number of staff members and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems often lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and inefficiencies. Regardless of living in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to offer 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 only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global services have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors badly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is shipped 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 all over the world payroll and payments do not run smoothly if they rely on the needed numerous procedures 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 difficulties organization face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be consisted of right and what does

it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to sort of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m always surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of crucial to add to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by organizations across the world so once again you’re just aiming to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an impact perspective on workers it is definitely critical that it’s done correctly 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 biggest damaging effect on individuals’s wellness and numerous other elements if people aren’t paid uh I have actually always been amazed entering into this Market type of the last five to 10 years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only observe when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally as well. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other important matters are done correctly. Using the very first Global Payments very first payroll payment option is an excellent preliminary action towards offering a detailed payroll solution for workers worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts needed for worldwide payroll are essential factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as prepared. Eventually, we do not do it for the gratitude.

anyhow we know how how important 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 easy as possible for everybody that’s involved in those processes and likewise so envision sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require 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 carrying on appearance why do companies choose to main separate checking account there are Papaya Global Cloud Backup services out there doing exactly this for specific countries and I’ve worked in an organization or lots of companies doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we do not have to and anybody that’s handling 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 amount that we are I think many reasons one is it’s the standard I believe individuals have got so used to we need a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a process that requires taking a look at it needs altering but ultimately individuals are extremely stuck to what they recognize

with ideal um modification is a challenging thing all of us do not like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having preserving numerous bank accounts but there’s a big amount of intricacy chooses setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is big however I think the sincere answer is modification um people have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep track of and this approach does pose a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so

I just did you switched 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 deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Cloud Backup