Papaya Global Path To Company Accounts Using Sagedrive FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Path To Company Accounts Using Sagedrive… functions on the provider side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep separate

Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they add additional complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s often an overwhelming variety of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely really standard there’s no genuine consistency structure we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in international payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes improperly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the data is shipped to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and say what is it what does not need to be consisted of right and what does

it need 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 need to pay from the customer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is absolutely important but 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 kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to kind of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work more detailed together than ever um I’m always astonished when people say I have actually split 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 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 people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more crucial to contribute to type of the level of complexity there’s increasingly more benefits being organ or being offered by businesses throughout the world so once again you’re simply wanting to include a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or real difficult type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would definitely say that the larger an organization 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 teams feeding info into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single most significant liability that any service has from a cost point of view from an impact viewpoint on employees it is absolutely critical 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 greatest detrimental impact on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been surprised entering into this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m uncertain anyone on this type of webinar has been informed 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 eventually payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout 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 absolutely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a fantastic first step um offering an end-to-end payroll service for your workers internationally once again I think is another big um procedure once again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of businesses and minimizing the number of tools platforms and savings account 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 do not expect to you do get the odd five or 10 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 don’t believe any of us are in fact doing that for for the thanks

anyhow we know how how crucial a role 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 everybody that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of try to return to everyone so moving on appearance why do business pick to main separate savings account there are Papaya Global Path To Company Accounts Using Sagedrive services out there doing exactly this for particular countries and I’ve operated in a service or numerous companies doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and any person that’s dealing with 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 quantity that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so used to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering but eventually people are extremely stuck to what they’re familiar

with right um change is a hard thing we all do not like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving several savings account but there’s a substantial amount of complexity opts for setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is big however I believe the truthful response is change um people have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or two there is a lot to track and this approach does pose a number of obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so

I simply did you changed 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 International workers you deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Path To Company Accounts Using Sagedrive