How Long Does Papaya Global Payroll Take FAQ – Payroll Management 2024

Over the last 5 or 6 years …How Long Does Papaya Global Payroll Take… roles on the provider side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually 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 raining here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up and that should leave his time at the really very 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 Global workforces end up being more and more typical and managing them becomes increasingly more complicated International organizations are seeking to find Solutions and new ways to simplify procedures especially from a payroll and cross-border payment standpoint numerous companies preserve separate checking account just for payroll while some have multiple accounts in different countries does it make sense for companies to maintain separate savings account sometimes in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international business enhance the episode complex processes of

making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most significantly guidelines compliance information security and banking rules then there are the sheer numbers they add more intricacy the worldwide Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll model there’s typically an overwhelming number of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or really extremely basic there’s no real consistency framework we’re living in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply 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 only 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business invests in international payroll the less of a photo they see an absence of presence also encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they depend on the essential several 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 difficulties business face when they’re making payments to employees or otherwise that’s a great question I always toss this back and say what is it what does not require to be included best and what does

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it need to be considered 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 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 anywhere you look right eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to type of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more crucial to add to sort of the level of intricacy there’s increasingly more advantages being organ or being used by organizations across the world so once again you’re simply seeking to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine challenging kind of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would absolutely state that the larger a service 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 really handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single most significant liability that any service has from an expense viewpoint from an impact point of view on workers it is definitely vital that it’s done properly and on time so what we indicate 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 effect on people’s well-being and many other elements if individuals aren’t paid uh I’ve always been surprised entering into this Market kind of the last five to ten 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 terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally as well. For that reason, it is vital to make sure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the very first Global Payments first payroll payment solution is an excellent preliminary step towards providing an extensive payroll solution for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and savings account needed for global payroll are crucial consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as planned. Ultimately, we don’t do it for the gratitude.

anyway 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 simple as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and sort of shot to get back to everyone so moving on appearance why do business choose to primary different bank accounts there are How Long Does Papaya Global Payroll Take services out there doing precisely this for particular nations and I have actually worked in a business or numerous organizations doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anybody that’s dealing with 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 amount that we are I think many reasons one is it’s the standard I believe people have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires changing but ultimately people are really stuck with what they’re familiar

with ideal um modification is a hard thing we all do not like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having maintaining numerous checking account but there’s a huge amount of complexity opts for establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is big but I think the sincere answer is modification um individuals have not had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or two there is a lot to keep track of and this approach does pose a number of difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so

I just did you switched 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 better parking space since I mastered Global payroll and payments with Papaya payroll OS did you How Long Does Papaya Global Payroll Take