Papaya Global 50 Assign Employee Payments Import FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global 50 Assign Employee Payments Import… functions on the provider side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is 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 extremely extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a recap and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and handling them ends up being increasingly more complicated Worldwide companies are aiming to find Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment viewpoint lots of companies preserve different bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to maintain separate bank accounts often in various countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies streamline the episode complex procedures of

making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most notably regulations compliance information security and banking rules then there are the large numbers they add additional complexity the global Labor force is currently three 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 consider that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s frequently an overwhelming number of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or very extremely fundamental there’s no genuine consistency structure we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of an image they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of international companies have actually revealed that they do not 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 poor HCM information data entry errors inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be consisted of ideal and what does

it need to be thought of there’s varying 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 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 wherever you look right eventually building a knowledge base is absolutely important however all over you look with payroll payment they are like super payments no if but 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to kind of move forward with that it also also to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying 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’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 ultimately 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 but likewise paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high worth on well-being and the settlement landscape is becoming increasingly detailed. Organizations are continually presenting brand-new advantages and payment options, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly sophisticated age, there’s no validation for keeping troublesome procedures. Payroll, the company’s biggest expense, should be processed properly and on time. Even small hold-ups can negatively affect staff members’ wellness and have far-reaching repercussions. Therefore, it’s vital to prioritize accurate and prompt payments.

payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is an excellent first step um providing an end-to-end payroll service for your staff members globally once again I think is another huge um procedure again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of services and lowering the number of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not think any of us are really doing that for for the thanks

anyhow we understand how how important a role 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 everybody that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case 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 return to everyone so moving on appearance why do companies choose to primary separate savings account there are Papaya Global 50 Assign Employee Payments Import businesses out there doing exactly this for particular countries and I’ve operated in a service or lots of organizations doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas 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 actually got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions 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 embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires altering however eventually individuals are really stuck with what they’re familiar

with right um modification is a tough thing all of us do not like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping numerous bank accounts but there’s a big quantity of complexity goes with setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is huge but I believe the truthful answer is change um people have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this technique does pose numerous obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global 50 Assign Employee Payments Import