How To Restore Papaya Global Backups FAQ – Payroll Management 2024

Over the last five or six years …How To Restore Papaya Global Backups… roles on the provider side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I wish 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 taking a look at the difficulty years of handling International payroll why business preserve separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also review a wrap-up and that should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and managing them ends up being a growing number of intricate Worldwide companies are seeking to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment viewpoint lots of organizations maintain separate savings account just for payroll while some have several accounts in different countries does it make good sense for business to maintain different checking account sometimes in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies improve the episode complex processes of

Ensuring precise, efficient, and prompt payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a difficult task into a tactical possession.

Handling payroll worldwide is a challenging job due to various regulations, compliance requirements, information security issues, and banking rules. The large variety of employees and companies adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.

Standard payroll systems frequently lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Regardless of residing in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to offer insights and services to streamline and enhance worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company spends on international payroll the less of an image they see an absence of presence also reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international services have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations along with lack management and system configurations and after that when you round everything 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 when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a good question I constantly throw this back and say what is it what does not require to be consisted of best and what does

it need to be thought about there’s varying 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 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 consumer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is definitely critical but all over you look with payroll payment they are like incredibly 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation 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 eventually it’s payroll is an end-to-end procedure 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 increasingly more crucial to add to sort of the level of complexity there’s a growing number of benefits being organ or being provided by services across the world so once again you’re just aiming to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or real tough kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a company 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 teams feeding info into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from a cost point of view from an impact viewpoint on workers it is absolutely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on people’s wellness and many other aspects if people aren’t paid uh I have actually always been astonished entering this Market type of the last five to ten years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just observe when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally as well. Therefore, it is necessary to ensure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first Global Payments first payroll payment solution is a great preliminary step towards supplying a thorough payroll solution for staff members worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and bank accounts essential for international payroll are crucial consider attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as prepared. Ultimately, we do not do it for the thankfulness.

anyhow we understand how how crucial a role 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 simple as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean 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 attempt to check out them and really see what was going on and sort of shot to return to everyone so moving on appearance why do business choose to main separate savings account there are How To Restore Papaya Global Backups businesses out there doing precisely this for specific nations and I have actually operated in a business or many businesses doing exactly that I can state it doesn’t constantly feel effective and it does develop 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 any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I think people have got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have 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 lots of other ways um to to sort of do it so I think 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’re familiar

with ideal um modification is a challenging thing all of us do not like modification um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping several checking account however there’s a huge amount of intricacy opts for establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is huge however I think the truthful answer is modification um people haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century approximately there is a lot to keep track of and this method does position a number of challenges um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs 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 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. How To Restore Papaya Global Backups