Papaya Global Deduction Of Earnings FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Deduction Of Earnings… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days 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 everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 bleak and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve separate

Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

Making sure accurate, efficient, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and find how enhancing international payroll payments can transform them from a challenging job into a tactical possession.

Handling payroll globally is a challenging task due to various policies, compliance requirements, data security issues, and banking rules. The large variety of employees and organizations contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.

Traditional payroll systems often lead to manual procedures, data silos, and an absence of combination, resulting in disparities and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and services to streamline and optimize international payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international 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 data information entry errors improperly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the required multiple processes 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 difficulties organization face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what does not need to be included ideal and what does

it need to be considered there’s varying Bank information 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 complexity any place you look ideal ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 fundamental and innovation is enabling us to type of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals say 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 occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 anywhere they are but 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 increasingly more benefits being organ or being offered by organizations across the world so once again you’re simply aiming to add increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real challenges or genuine difficult sort 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 business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from an expense point of view from an impact viewpoint on staff members it is absolutely critical 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 have to be done right it has the greatest detrimental impact on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been impressed coming into this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is a fantastic initial step um offering an end-to-end payroll solution for your employees internationally again I think is another huge um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of services and decreasing the variety 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 have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks

anyhow we know how how important 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 procedures and also so picture sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of shot to return to everyone so proceeding look why do business select to main separate bank accounts there are Papaya Global Deduction Of Earnings companies out there doing precisely this for particular countries and I have actually operated in an organization or numerous services doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe people have got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs altering however eventually people are really stuck to what they’re familiar

with right um modification is a challenging thing all of us do not like change um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having maintaining numerous bank accounts however there’s a huge quantity of complexity chooses establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is huge however I believe the truthful answer is modification um people haven’t been able to change 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 hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to keep track of and this approach does posture several challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so

I recently made a modification to our Business 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 gained another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Deduction Of Earnings