Papaya Global Update 2018 Canada FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Update 2018 Canada… roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join we all 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 currently just to hear where everybody is um it’s nice to to sort 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 sunlight is it it’s not no it’s it’s raining here it’s very really gloomy and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies maintain separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a wrap-up which needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them becomes increasingly more complex Global companies are wanting to find Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment perspective many organizations keep different bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain separate bank accounts in some cases in various countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies enhance the episode complex procedures of

making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the global Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll model there’s often an overwhelming number of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very very basic there’s no genuine consistency framework 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 just blows my mind whenever I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on international payroll the less of a photo they see an absence of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide organizations 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 errors are due to time reporting bad HCM information information entry errors inadequately interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is shipped to the wrong location the average expense of an international data 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 do not run efficiently if they depend on the essential multiple 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 obstacles business face when they’re paying to workers or otherwise that’s a great question I always throw this back and state what is it what does not need to be included best and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is definitely crucial but all over 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 look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to sort of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work better together than ever um I’m constantly impressed 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 calculation 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 data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being provided by services throughout the world so once again you’re just seeking to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine difficult sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly state 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 teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any business has from an expense point of view from an impact perspective on employees it is absolutely crucial that it’s done correctly and on time so what we imply 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 damaging result on people’s well-being and lots of other elements if people aren’t paid uh I have actually always been amazed coming into this Market sort of the last 5 to 10 years is how little thanks the

The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally also. For that reason, it is important to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the very first International Payments very first payroll payment service is a fantastic preliminary action towards supplying a detailed payroll option for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account needed for global payroll are key consider attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Ultimately, we do not do it for the gratitude.

anyway we know how how crucial 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 easy as possible for everyone that’s involved in those procedures and also so imagine sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean 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 try to browse them and in fact see what was going on and type of try to return to everyone so carrying on look why do business choose to primary separate checking account there are Papaya Global Update 2018 Canada companies out there doing precisely this for specific nations and I’ve operated in a business or many services doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts 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 think people have got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires altering but ultimately individuals are extremely stuck with what they’re familiar

with best um change is a challenging thing we all do not like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining several savings account however there’s a huge quantity of complexity chooses setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial however I believe the truthful answer is modification um individuals have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this method does position numerous challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so

I just did you switched 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 staff members you are worthy of a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Update 2018 Canada