Papaya Global Courses Dublin FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Courses Dublin… functions on the company side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really 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 extremely gloomy and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain different

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 Global payroll payments as a tactical possession uh we’ll also go over a recap which should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them becomes a growing number of complicated Worldwide companies are seeking to discover Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment perspective numerous companies keep separate savings account just for payroll while some have several accounts in different countries does it make sense for companies to preserve separate checking account often in different nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business simplify the episode complex procedures of

making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they add further intricacy the international Labor force is currently 3 and a half billion people by 2030 it’s estimated 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 businesses and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating number of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely extremely fundamental there’s no genuine consistency structure we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in global payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide businesses have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the required multiple processes 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 challenges organization face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does

it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to kind of progress with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more important to add to sort of the level of complexity there’s more and more advantages being organ or being provided by businesses throughout the world so once again you’re simply seeking to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or genuine tough sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would certainly state that the bigger 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 information into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not 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 that we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any business has from a cost perspective from an impact viewpoint on staff members it is definitely important 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 destructive effect on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been astonished entering into this Market type of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is a terrific primary step um offering an end-to-end payroll option for your workers globally once again I think is another substantial um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks

anyway we understand how how crucial 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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everyone so moving on appearance why do business pick to primary separate savings account there are Papaya Global Courses Dublin companies out there doing exactly this for particular countries and I’ve worked in an organization or numerous organizations doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not have to and any person 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 reasons one is it’s the standard I believe individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires altering but ultimately people are really stuck to what they recognize

with ideal um change is a difficult thing all of us don’t like modification um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining several savings account however there’s a substantial amount of intricacy goes with establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial however I believe the sincere response is change um individuals haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually 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 understand what could practically be figured out to be the next Century or two there is a lot to keep track of and this method does pose a number of challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a range 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 staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Courses Dublin