Papaya Global Login Australia FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Login Australia… functions on the provider side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s drizzling here it’s very very bleak 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 taking a look at the difficulty years of handling Worldwide payroll why business preserve different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise review a wrap-up and that must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and handling them becomes more and more complicated Worldwide organizations are looking to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment standpoint lots of companies maintain separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve different bank accounts often in various nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex procedures of

making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people 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 all over the world in the traditional payroll model there’s frequently an overwhelming variety of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very very basic there’s no genuine consistency structure 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 typically with pen and paper which just blows my mind whenever I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global organizations have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations along with absence management and system setups and then when you round everything off and the information is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be included best and what does

it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 wherever you look right ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to sort of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 procedure it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of important to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being offered by companies throughout the world so once again you’re just looking to add increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real difficulties or genuine difficult type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we run 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 era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost viewpoint from an effect perspective on workers it is absolutely important that it’s done correctly 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 most significant destructive impact on individuals’s wellness and lots of other aspects if people aren’t paid uh I’ve always been amazed entering into this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m uncertain anybody on this sort of webinar has 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 workers or not um but eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is a great first step um supplying an end-to-end payroll service for your employees internationally once again I think is another big um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of services and lowering the number of tools platforms and bank accounts 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks

anyway we know how how essential 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 associated with those procedures and also so imagine sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine 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 definitely be an interesting job trying 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 need days of the week to try to check out them and really see what was going on and sort of shot to return to everyone so moving on look why do business choose to primary separate savings account there are Papaya Global Login Australia services out there doing precisely this for particular countries and I’ve worked in a company or numerous companies doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I think people have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires changing however ultimately individuals are really stuck with what they’re familiar

with ideal um change is a challenging thing all of us don’t like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having keeping multiple checking account however there’s a substantial quantity of intricacy goes with setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is big but I think the sincere answer is change um people haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to track and this technique does position several obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so

I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Login Australia