Papaya Global Employee Maternity Leave FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Employee Maternity Leave… roles on the provider side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 really really dreary and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business keep separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll likewise discuss a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more typical and handling them becomes more and more intricate International companies are looking to discover Solutions and new methods to streamline procedures specifically from a payroll and cross-border payment standpoint numerous organizations maintain separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to keep separate savings account sometimes in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies improve the episode complex processes of

making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add further complexity the international Labor force is currently 3 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 currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll model there’s frequently a frustrating variety of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or very really basic there’s no real consistency framework we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization invests in global payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of global 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 mistakes are because of time reporting bad HCM information data entry errors improperly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they count on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and state what is it what does not require to be included best and what does

it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble extremely payments no if however some children 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 acknowledgment that payroll payments are absolutely essential and technology is allowing us to kind of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work more detailed together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data 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 contemporary world positions a high value on well-being and the payment landscape is becoming progressively elaborate. Services are constantly presenting new benefits and payment alternatives, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technically sophisticated period, there’s no justification for keeping troublesome treatments. Payroll, the company’s greatest expense, need to be processed correctly and on time. Even slight hold-ups can adversely affect staff members’ well-being and have far-reaching effects. Therefore, it’s vital to prioritize precise and prompt payments.

payroll team get um so I’m not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong but 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 also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the very first Global Payments first payroll payment service is a terrific initial step um supplying an end-to-end payroll option for your workers internationally again I believe is another substantial um process once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of services and reducing the number of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks

anyway we know how how crucial a function 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 simple as possible for everyone that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean 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 look through them and really see what was going on and sort of try to return to everyone so carrying on appearance why do companies select to primary different bank accounts there are Papaya Global Employee Maternity Leave companies out there doing exactly this for particular countries and I have actually worked in an organization or numerous services doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anyone 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 believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I believe people have actually got so utilized to we require a new savings account we open an entity and appropriately so you need 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 norm individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a process that requires looking at it needs altering but ultimately individuals are very stuck with what they’re familiar

with ideal um change is a difficult thing we all do not like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having preserving several bank accounts however there’s a substantial quantity of intricacy chooses establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is huge but I think the sincere response is change um people have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve constantly 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 know what might practically be determined to be the next Century or two there is a lot to keep an eye on and this method does position numerous difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Employee Maternity Leave