Papaya Global Payroll Zen Payroll FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Payroll Zen Payroll… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody 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 raining here it’s extremely really bleak and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep separate

Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring accurate, effective, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to optimize working capital, and find how improving global payroll payments can change them from a burdensome job into a tactical possession.

Handling payroll internationally is a challenging task due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The large number of employees and organizations adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems frequently result in manual processes, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. In spite of residing in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to offer insights and solutions to simplify and optimize global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of international 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 because of time reporting bad HCM data information entry errors poorly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the needed several 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 difficulties organization face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be consisted of best and what does

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it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 essential and technology is allowing us to type of progress with that it likewise as well to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely important that payroll and finance groups work closer together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information 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

The modern world positions a high value on wellness and the compensation landscape is becoming progressively complex. Businesses are continuously introducing brand-new benefits and payment options, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technologically sophisticated period, there’s no validation for keeping troublesome treatments. Payroll, the company’s greatest expense, need to be processed properly and on time. Even minor hold-ups can negatively impact employees’ wellness and have far-reaching repercussions. For that reason, it’s important to prioritize accurate and timely payments.

payroll team get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is an excellent primary step um providing an end-to-end payroll option for your employees globally once again I believe is another huge um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and savings account 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t believe any of us are actually 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 everybody that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t picture 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 really see what was going on and sort of shot to get back to everybody so moving on appearance why do companies select to primary different bank accounts there are Papaya Global Payroll Zen Payroll companies out there doing exactly this for specific countries and I’ve operated in a service or numerous businesses doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I believe individuals have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires changing however eventually individuals are extremely stuck with what they recognize

with right um change is a tough thing all of us don’t like modification um so I believe it’s simply 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 clearly the advantages of having maintaining multiple bank accounts but there’s a big quantity of complexity opts for setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is huge however I think the honest answer is modification um people haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or two there is a lot to track and this method does pose several difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so

I just 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 Worldwide staff members you are worthy of 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 Payroll Zen Payroll