Papaya Global Network Site Edugeek.Net FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Network Site Edugeek.Net… roles on the supplier side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another number of uh well one of 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 fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually 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 really dreary and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also review a wrap-up which must leave his time at the very extremely 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 Global labor forces become increasingly more typical and handling them becomes a growing number of complicated Global organizations are wanting to discover Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment perspective lots of organizations maintain separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to maintain separate savings account in some cases in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business simplify the episode complex procedures of

making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most significantly guidelines compliance information security and banking rules then there are the sheer numbers they add further complexity the international Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll model there’s often an overwhelming variety of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or very extremely fundamental there’s no real consistency framework we’re residing in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I think

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business spends on global payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of global services have 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 bad HCM information information entry mistakes improperly communicated hires and terminations as well as lack management and system setups and then when you round it all off and the data is shipped to the wrong place the average expense of a worldwide information 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 don’t run efficiently if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers 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 best and what does

it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they are like very payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to type of move forward with that it likewise too to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely vital that payroll and finance teams work more detailed together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 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 individuals any place they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of essential to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by businesses throughout the world so once again you’re simply looking to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real tough kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single biggest liability that any company has from a cost perspective from an impact viewpoint on workers it is absolutely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful result on people’s wellness and many other factors if individuals aren’t paid uh I’ve constantly been amazed coming into this Market sort of the last five to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll properly 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 important cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment option is a fantastic first step um supplying an end-to-end payroll option for your staff members internationally once again I think is another big um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and minimizing the number of tools platforms and bank accounts they require for their Worldwide 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 five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks

anyway we understand 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 simple as possible for everybody that’s involved in those processes and likewise so think of sorry I’m just 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’m sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean up all those up for sure oh definitely 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 try to look through them and in fact see what was going on and kind of shot to return to everybody so moving on look why do companies pick to main different bank accounts there are Papaya Global Network Site Edugeek.Net services out there doing exactly this for specific countries and I have actually worked in a company or numerous services doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and any person that’s handling 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 amount that we are I believe numerous factors one is it’s the standard I believe people have actually got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs changing but eventually individuals are really stuck to what they’re familiar

with right um change is a tough thing we all don’t like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping several checking account however there’s a huge quantity of complexity chooses establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific people so the complexity is huge however I think the honest answer is change um individuals haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to monitor and this method does posture several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Network Site Edugeek.Net