Papaya Global File Extension FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global File Extension… functions on the company side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 comes from and I truly do hope it’s much sunnier than it remains 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 really very uninspiring and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a recap which should leave his time at the extremely very 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 International workforces end up being more and more typical and managing them ends up being more and more complex International companies are seeking to discover Solutions and new ways to improve procedures particularly from a payroll and cross-border payment viewpoint numerous companies preserve different bank account just for payroll while some have numerous accounts in different nations does it make sense for business to maintain different savings account often in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business improve the episode complex processes of

making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they add further complexity the international Labor force is currently three 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 presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s typically a frustrating number of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or very really fundamental there’s no genuine consistency framework we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that 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 just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service spends on global payroll the less of a picture they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually 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 due to time reporting poor HCM data information entry errors badly interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is shipped to the wrong location the typical expense 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 count on the necessary 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 obstacles organization face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does

it require to be considered there’s varying 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 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 ultimately developing a knowledge base is definitely crucial but everywhere 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 look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to type of progress with that it also too to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely vital that payroll and finance groups work closer together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately 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 however likewise paying statutory authorities and on statutory third parties so with the

The contemporary world positions a high worth on wellness and the payment landscape is becoming progressively detailed. Services are constantly presenting brand-new benefits and payment options, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technologically innovative period, there’s no validation for maintaining troublesome treatments. Payroll, the business’s biggest expense, should be processed properly and on time. Even slight delays can adversely impact employees’ well-being and have far-reaching repercussions. For that reason, it’s important to prioritize accurate and prompt payments.

payroll group get um so I’m unsure anybody on this kind of webinar has been told 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 staff members or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is an excellent primary step um providing an end-to-end payroll service for your staff members globally once again I believe is another huge um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of services and lowering the number of tools platforms and savings account they require for their International 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 thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks

anyhow we know how how crucial 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 easy as possible for everyone that’s involved in those procedures and also so think of sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture 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 all those up for sure oh definitely I can’t imagine 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 actually see what was going on and type of try to get back to everyone so carrying on appearance why do companies choose to main different checking account there are Papaya Global File Extension services out there doing precisely this for particular nations and I’ve worked in a company or lots of organizations doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anyone where we don’t have to and anyone that’s dealing with 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 many reasons one is it’s the standard I believe people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but eventually people are really stuck with what they recognize

with ideal um change is a tough thing we all don’t like change um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping multiple bank accounts however there’s a big amount of complexity chooses establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is huge however I think the truthful response is change um people have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep track of and this technique does pose a number of challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global File Extension