Eps Submission Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Eps Submission Papaya Global… roles on the supplier side and also on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes 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 very really bleak and I want I was elsewhere 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 obstacle years of handling Global payroll why business keep separate

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast 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 tough in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most notably policies compliance information security and banking rules then there are the large numbers they add further intricacy the global Workforce is presently three and a half billion people 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 factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s often a frustrating variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or really extremely basic there’s no genuine consistency structure we’re residing in a period 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 often with pen and paper which simply blows my mind whenever I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company 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 cause compliance mishaps in the last mile of the transaction nearly half of worldwide services have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors inadequately communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is shipped to the wrong location the typical cost of an international 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 don’t run efficiently if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be included 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 amount of time 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 customer’s own in-country account so there’s intricacy any place you look right eventually constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to kind of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and financing teams work better together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry 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 individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more important to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being used by companies throughout the world so once again you’re simply wanting to add a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine difficulties or real tough sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single biggest liability that any service has from an expense point of view from an effect viewpoint on workers it is definitely vital 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 biggest detrimental effect on individuals’s well-being and numerous other elements if people aren’t paid uh I’ve constantly been impressed entering this Market kind of the last 5 to 10 years is how little thanks the

The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only discover when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally as well. Therefore, it is vital to make sure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the very first Worldwide Payments first payroll payment solution is a terrific initial step towards supplying a detailed payroll service for employees worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and savings account essential for worldwide payroll are crucial consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as prepared. Eventually, we do not do it for the thankfulness.

anyhow we understand how how crucial a function 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 easy as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh definitely 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 browse them and actually see what was going on and kind of shot to get back to everybody so moving on appearance why do companies pick to primary different checking account there are Eps Submission Papaya Global companies out there doing precisely this for specific countries and I have actually worked in a company or lots of businesses doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s handling 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 think many factors one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it requires altering but ultimately individuals are very stuck with what they’re familiar

with best um modification is a hard thing we all do not like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping several bank accounts but there’s a huge amount of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is huge however I believe the honest answer is change um people haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or so there is a lot to keep track of and this method does posture several obstacles um so Johnny might you inform us about those difficulties yeah obviously 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Eps Submission Papaya Global