Papaya Global Support Jobs FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Support Jobs… functions on the company side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type 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 very extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies keep separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll likewise review a recap which ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and managing them ends up being a growing number of complex Global organizations are aiming to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment standpoint numerous companies preserve separate bank account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain different bank accounts sometimes in different nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business improve the episode complex procedures of

making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they add more complexity the worldwide Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll design there’s typically an overwhelming number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely really basic there’s no real 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 frequently with pen and paper which simply blows my mind each time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in global payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can cause compliance incidents 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 processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and state what is it what doesn’t require to be consisted of right 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 timespan there’s payment capabilities 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 ideal ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely payments no if but some children 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 absolutely fundamental and innovation is permitting us to sort of move forward with that it likewise also to add to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing 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 does not work 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more important to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by businesses throughout the world so once again you’re just aiming to add increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or real tough type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would definitely say that the bigger an organization 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 info into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we run in they just 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 an age that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from a cost point of view from an effect viewpoint on staff members it is absolutely vital that it’s done properly and on time so what we imply 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 damaging impact on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other essential matters are done properly. Utilizing the very first Worldwide Payments first payroll payment service is a fantastic preliminary step towards offering an extensive payroll solution for staff members worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and bank accounts necessary for international payroll are essential consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as prepared. Eventually, we do not do it for the appreciation.

anyhow we understand how how essential 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 everyone that’s associated with those procedures and also so envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh definitely I can’t envision 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 actually see what was going on and sort of shot to get back to everybody so carrying on look why do companies pick to primary different savings account there are Papaya Global Support Jobs companies out there doing precisely this for specific nations and I have actually operated in a service or numerous businesses doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe individuals have got so utilized to we require a new checking 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 requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires altering but eventually individuals are extremely stuck with what they’re familiar

with ideal um change is a hard thing all of us do not like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping numerous bank accounts but there’s a substantial amount of intricacy opts for establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is huge however I think the honest answer is change um individuals haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to monitor and this approach does posture numerous challenges um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so

I recently made a modification to our Business 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 improved capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Support Jobs