Papaya Global Download Manager FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Download Manager… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another couple of uh well among 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 quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very bleak and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business maintain separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll likewise go over a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and handling them becomes a growing number of intricate Global companies are seeking to find Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment perspective lots of companies keep different savings account just for payroll while some have multiple accounts in different nations does it make sense for business to maintain different savings account often in different nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business improve the episode complex procedures of

making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most importantly regulations compliance information security and banking rules then there are the large numbers they include further complexity the global Workforce is currently three 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 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 world in the traditional payroll design there’s typically an overwhelming number of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely extremely standard there’s no real consistency framework we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of global organizations have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they rely on the necessary multiple 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 challenges service face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not require to be consisted of best and what does

it need to be thought about there’s differing Bank details 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 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 wherever you look ideal ultimately building a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 basic and technology is enabling us to type of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 but likewise paying statutory authorities and on statutory third parties so with the

The modern-day world puts a high worth on wellness and the settlement landscape is becoming increasingly elaborate. Services are continually presenting brand-new advantages and payment options, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technologically innovative period, there’s no reason for keeping cumbersome treatments. Payroll, the company’s most significant cost, must be processed properly and on time. Even slight hold-ups can negatively impact workers’ well-being and have far-reaching consequences. For that reason, it’s vital to focus on precise and timely payments.

payroll team get um so I’m uncertain anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first International Payments first payroll payment service is a great initial step um offering an end-to-end payroll service for your employees globally again I think is another big um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of companies and lowering the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks

anyway we understand 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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m simply I was just gon na state envision the amount 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 keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting 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 require days of the week to attempt to look through them and in fact see what was going on and type of try to return to everyone so proceeding appearance why do business select to primary different checking account there are Papaya Global Download Manager services out there doing exactly this for particular countries and I have actually operated in a business or lots of services doing precisely that I can say it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I think people have actually got so utilized to we require a brand-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 just been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a process that requires looking at it needs changing but eventually individuals are very stuck with what they’re familiar

with best um change is a challenging thing all of us do not like change um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping numerous bank accounts but there’s a substantial quantity of complexity opts for establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is substantial but I think the honest answer is modification um individuals haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we have actually always 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 could practically be figured out to be the next Century or so there is a lot to monitor and this approach does position a number of difficulties um so Johnny could you inform us about those difficulties yeah of course 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 manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Download Manager