How To Process Leavers On Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …How To Process Leavers On Papaya Global… functions 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 fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join we all 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 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 drizzling here it’s extremely really dreary and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve different

Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the large numbers they add further complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated 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 services and growing all doing their own thing around the world in the traditional payroll model there’s frequently a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency framework we’re living 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 typically with pen and paper and that simply blows my mind each time I I think

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 provides me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the typical cost of an international information 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 don’t run smoothly if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be included best and what does

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it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 anywhere you look best ultimately developing a knowledge base is absolutely important but 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 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 technology is permitting us to type of move forward with that it likewise also to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more crucial to add to type of the level of complexity there’s more and more advantages being organ or being used by businesses throughout the world so again you’re simply wanting to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or genuine difficult type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional 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 era of tech and an age that you know that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single most significant liability that any service has from an expense perspective from an impact point of view on employees it is definitely important that it’s done properly 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 biggest destructive impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I’ve constantly been impressed coming into this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the first Global Payments first payroll payment solution is a great primary step um offering an end-to-end payroll option for your staff members globally again I believe is another huge um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of organizations and decreasing the number of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks

anyhow we know how how essential 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 everybody that’s associated with those processes and also so envision sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and sort of try to get back to everyone so moving on look why do business select to main separate savings account there are How To Process Leavers On Papaya Global businesses out there doing exactly this for particular countries and I have actually operated in a company or many services doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not have to and anybody that’s managing 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 think numerous reasons one is it’s the standard I think individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing but ultimately people are very stuck with what they recognize

with best um modification is a difficult thing all of us do not like modification um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining multiple bank accounts however there’s a substantial amount of complexity chooses setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is substantial however I believe the sincere answer is modification um individuals haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we have actually 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 nearly be determined to be the next Century or two there is a lot to keep an eye on and this method does pose a number of challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. How To Process Leavers On Papaya Global