Papaya Global Courses Videos FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Courses Videos… functions on the provider side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so 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 currently just to hear where everyone is um it’s nice to to kind of like see where everyone 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 drizzling here it’s very extremely gloomy and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business maintain different

Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to optimize working capital, and discover how enhancing international payroll payments can change them from a troublesome task into a tactical asset.

Handling payroll internationally is a difficult job due to numerous policies, compliance requirements, information security concerns, and banking rules. The large variety of staff members and companies contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems typically result in manual processes, data silos, and an absence of integration, leading to disparities and ineffectiveness. Despite living in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and options to simplify and optimize international payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in global payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of global businesses have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors badly interacted hires and terminations in addition to 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 an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they depend on the required 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 obstacles business face when they’re making payments to staff members or otherwise that’s a good 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 need to be considered there’s differing 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 capabilities 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 client’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble very payments no if but 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 believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to type of move forward with that it also also to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing teams work better together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry 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 data 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 live in and well-being being a growing number of crucial to add to type of the level of complexity there’s a growing number of benefits being organ or being offered by services across the world so again you’re simply aiming to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or real tough type of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of years I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really managing the payment side of things however you know 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 develop extra handoffs while doing sos that we operate 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 operating in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an impact point of view on workers it is definitely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive impact on people’s well-being and numerous other elements if people aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last 5 to ten years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only observe when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. For that reason, it is essential to guarantee that tasks like Wi-Fi Global and other essential matters are done properly. Utilizing the first Global Payments very first payroll payment solution is a terrific initial step towards providing a thorough payroll service for staff members worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and savings account needed for worldwide payroll are crucial factors in achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as planned. Eventually, we don’t do it for the appreciation.

anyhow we know how how crucial 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 easy as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and type of try to return to everybody so moving on look why do business choose to main different checking account there are Papaya Global Courses Videos organizations out there doing exactly this for particular countries and I have actually worked in a service or lots of services doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we don’t need to and any person that’s managing 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 think numerous reasons one is it’s the standard I believe individuals have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted 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 lots of other methods um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing however eventually individuals are very stuck with what they’re familiar

with best um change is a challenging thing we all don’t like change um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having preserving multiple bank accounts but there’s a substantial amount of complexity goes with establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is big but I think the honest response is change um people have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century approximately there is a lot to monitor and this method does posture numerous obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Courses Videos