Papaya Global Data On Dropbox FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Data On Dropbox… roles on the provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind 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 remains 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 really extremely gloomy and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies preserve separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll also discuss a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and managing them becomes a growing number of complex Global organizations are seeking to discover Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment viewpoint lots of companies maintain separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain separate savings account sometimes in various nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies simplify the episode complex processes of

making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging 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 variety of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include further complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s typically a frustrating number of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really really basic there’s no genuine consistency structure we’re residing 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 frequently with pen and paper which simply blows my mind each time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of international companies have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the information is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not need to be included best and what does

it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is absolutely crucial however all over you look with payroll payment they are like super payments no if however some babies 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 essential and innovation is enabling us to type of move on with that it likewise too to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry 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 people any place they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more important to contribute to type of the level of complexity there’s more and more advantages being organ or being provided by services across the world so again you’re simply looking to add more and 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 however have you got any experience in kind of real obstacles or real tough type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost point of view from an impact perspective on workers it is definitely vital that it’s done properly and on time so what we suggest 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 result on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the

The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally as well. For that reason, it is essential to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the very first International Payments very first payroll payment solution is a great initial action towards supplying a thorough payroll service for staff members worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and bank accounts needed for global payroll are essential consider achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.

anyhow we know how how essential 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 everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of 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 absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and type of shot to return to everyone so carrying on look why do business choose to main different bank accounts there are Papaya Global Data On Dropbox organizations out there doing exactly this for specific nations and I have actually worked in a business or lots of services doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anybody that’s managing that procedure 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 think numerous factors one is it’s the standard I think people have actually got so used to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires changing however ultimately people are really stuck to what they recognize

with ideal um modification is a challenging thing we all don’t like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping numerous savings account but there’s a substantial amount of complexity chooses establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is substantial however I think the honest response is change um people have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit 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 looking at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or so there is a lot to keep track of and this technique does position several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Data On Dropbox