Papaya Global Online Log In FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Online Log In… roles on the company side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting 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 everybody originates from and I truly 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 drizzling here it’s extremely very gloomy and I wish I was elsewhere 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 Global payroll why companies maintain separate

Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the global Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll model there’s typically a frustrating number of different systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or really very standard there’s no real consistency framework we’re living in an era 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 frequently with pen and paper which simply blows my mind every time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in global payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of international companies have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does

it require to be thought about there’s differing 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is definitely vital but everywhere 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 kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to kind of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more important to add to sort of the level of intricacy there’s more and more advantages being organ or being provided by services throughout the world so once again you’re just seeking to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real challenges or real difficult type of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works 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 handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient 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 working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from an expense point of view from an effect point of view on staff members 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 need to be done right it has the most significant damaging result on people’s well-being and numerous other aspects if people aren’t paid uh I’ve always been surprised coming into this Market type of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this sort of webinar has actually 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 employees or not um however ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 vital that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is a terrific first step um offering an end-to-end payroll service for your workers internationally once again I think is another huge um process once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of businesses and reducing the variety 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks

anyhow we understand how how essential 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 simple as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everyone so carrying on look why do business choose to main separate bank accounts there are Papaya Global Online Log In services out there doing exactly this for specific nations and I have actually operated in a business or lots of businesses doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons 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 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 simply been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it needs changing but ultimately people are really stuck with what they’re familiar

with right um change is a difficult thing all of us do not like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining multiple bank accounts but there’s a huge amount of complexity goes with setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private people so the complexity is huge however I believe the truthful response is change um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose numerous challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so

I recently made a modification to our Enterprise 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 effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Online Log In