Papaya Global Edit The Company List FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Edit The Company List… roles on the provider side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort 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 sunlight is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies preserve different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also discuss a wrap-up and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more typical and handling them ends up being increasingly more complicated Global companies are seeking to discover Solutions and new methods to improve processes specifically from a payroll and cross-border payment standpoint numerous organizations preserve different checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep separate checking account often in different countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business simplify the episode complex procedures of

making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the large numbers they add further complexity the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll model there’s typically a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely really standard there’s no genuine consistency framework we’re residing in an age of tech but payroll has actually been slow 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 whenever I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in global payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide services have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what does not need to be consisted of ideal and what does

it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 intricacy wherever you look best ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 innovation is allowing us to type of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I’m constantly impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone 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 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 data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more essential to contribute to type of the level of complexity there’s increasingly more advantages being organ or being provided by companies across the world so once again you’re just aiming to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or genuine tough sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost point of view from an effect viewpoint on employees it is definitely crucial 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 greatest harmful impact on people’s wellness and numerous other aspects if people aren’t paid uh I’ve constantly been impressed entering this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think 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 absolutely important that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic initial step um providing an end-to-end payroll option for your workers globally again I think is another huge um process again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of companies and lowering 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 ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks

anyhow 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 easy as possible for everyone that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous 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 but it would definitely be an interesting 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 kind of try to return to everyone so proceeding appearance why do business pick to main separate checking account there are Papaya Global Edit The Company List companies out there doing exactly this for specific countries and I’ve operated in an organization or many businesses doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anybody 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 think lots of factors one is it’s the requirement I think individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement 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 ways um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires altering but ultimately individuals are really stuck to what they recognize

with right um change is a difficult thing we all do not like change um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving multiple bank accounts however there’s a big quantity of intricacy opts for setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is huge however I believe the sincere answer is change um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit 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 excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does present numerous challenges um so Johnny could you inform us about those obstacles 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 manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Edit The Company List