Papaya Global Business Cloud FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Business Cloud… functions on the supplier side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everyone another number of uh well among 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 currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really 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 drizzling here it’s very really gloomy and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap and that needs to leave his time at the very extremely 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 more and more typical and handling them becomes increasingly more complicated Worldwide organizations are looking to discover Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment perspective many organizations preserve different bank account just for payroll while some have several accounts in different countries does it make sense for companies to keep separate bank accounts sometimes in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business enhance the episode complex procedures of

Ensuring accurate, effective, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to optimize working capital, and find how streamlining international payroll payments can change them from a burdensome job into a strategic asset.

Managing payroll worldwide is a daunting task due to different policies, compliance requirements, information security issues, and banking rules. The large number of employees and companies adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.

Standard payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to disparities and inefficiencies. In spite of residing in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and solutions to simplify and enhance global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service invests in international payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of global services have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is shipped to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they depend on the necessary several processes 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 workers or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be consisted of right and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it need to be thought about there’s differing 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 need to pay from the consumer’s own in-country account so there’s intricacy any place you look best eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to type of move forward with that it also also to add to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely essential that payroll and financing groups work better together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high worth on well-being and the settlement landscape is becoming significantly intricate. Companies are constantly presenting brand-new benefits and payment options, which adds to the total complexity. Large corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s highly innovative period, there’s no validation for keeping cumbersome treatments. Payroll, the company’s biggest expense, should be processed correctly and on time. Even small delays can negatively affect staff members’ wellness and have far-reaching effects. Therefore, it’s critical to prioritize precise and timely payments.

The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has 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 individuals only discover when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi Global and other important matters are done correctly. Using the first Global Payments very first payroll payment service is a fantastic preliminary step towards offering a thorough payroll solution for staff members worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and savings account necessary for global payroll are essential factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things do not go as planned. Eventually, we do not do it for the appreciation.

anyhow we understand 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 easy as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting to clean all those up for sure oh absolutely 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 browse them and actually see what was going on and sort of shot to return to everybody so proceeding look why do business choose to primary different checking account there are Papaya Global Business Cloud services out there doing precisely this for specific nations and I’ve operated in a company or lots of companies doing precisely that I can state it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I think people have actually got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it requires altering but ultimately people are really stuck to what they recognize

with right um modification is a tough thing all of us don’t like modification um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having preserving multiple bank accounts however there’s a substantial amount of intricacy goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is big but I think the honest response is change um people have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we have actually constantly 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 know what might almost be determined to be the next Century or so there is a lot to track and this method does present several challenges um so Johnny could you inform us about those challenges yeah of course 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Business Cloud