Recover Papaya Global Data FAQ – Payroll Management 2024

Over the last 5 or 6 years …Recover Papaya Global Data… roles on the service provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right 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 type of let them do that so it ‘d be quite fascinating 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 everybody comes from and I really do hope it’s much sunnier than it is 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 really very bleak and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also review a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and handling them ends up being a growing number of complicated International organizations are aiming to find Solutions and new ways to streamline procedures especially from a payroll and cross-border payment viewpoint lots of organizations keep separate savings account just for payroll while some have numerous accounts in various countries does it make sense for business to keep separate bank accounts often in different countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies streamline the episode complex processes of

Ensuring precise, efficient, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can change them from a burdensome task into a strategic asset.

Managing payroll internationally is a difficult task due to different policies, compliance requirements, information security concerns, and banking rules. The sheer number of workers and companies adds to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.

Standard payroll systems frequently lead to manual procedures, data silos, and an absence of integration, resulting in disparities and inefficiencies. Regardless of residing in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to supply insights and options to simplify and optimize international payroll payments.

about it to offer 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 gives me sleep deprived nights and rather frankly the more a business invests in global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide organizations have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the necessary numerous processes systems and partners it is simply 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 paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be consisted of ideal and what does

it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely 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 look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to kind of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more crucial to add to type of the level of intricacy there’s more and more advantages being organ or being provided by companies throughout the world so again you’re just seeking to include a growing number of payments to this currently complex landscape so if you type 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 challenges or real difficult sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would definitely state 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any company has from an expense point of view from an impact perspective on workers it is absolutely vital that it’s done correctly and on time so what we mean 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 destructive impact on people’s well-being and numerous other aspects if people aren’t paid uh I’ve always been amazed coming into this Market sort of the last five to 10 years is how little thanks the

payroll team get um so I’m uncertain anyone on this kind of webinar has actually been told thank you for processing my payroll properly 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 we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the first International Payments first payroll payment solution is a great first step um offering an end-to-end payroll option for your staff members globally again I think is another big um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of organizations and lowering the variety of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks

anyway we know how how essential 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 everyone that’s associated with those procedures and also so think of sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that many 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 absolutely be an interesting task attempting to clean up all those up for sure oh absolutely 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 in fact see what was going on and sort of try to return to everyone so moving on appearance why do companies pick to main separate checking account there are Recover Papaya Global Data services out there doing exactly this for particular nations and I’ve worked in a service or numerous businesses doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t need to and anyone 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 think numerous reasons one is it’s the standard I think people have got so used to we require a new savings 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 simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many 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 altering however eventually individuals are very stuck with what they’re familiar

with right um modification is a challenging thing all of us don’t like modification um so I think 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 things um I understand clearly the advantages of having keeping numerous checking account but there’s a big quantity of intricacy 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 intricacy is huge however I believe the truthful answer is modification um people have not had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or two there is a lot to monitor and this approach does pose a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so

I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Recover Papaya Global Data