Papaya Global Difference Between Restore And Recover FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Difference Between Restore And Recover… roles on the provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort 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 type of like see where everybody originates from and I truly 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 really really gloomy and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies keep different

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most notably policies compliance information security and banking guidelines then there are the large numbers they add further complexity the international Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll design there’s frequently an overwhelming variety of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or really extremely fundamental there’s no real consistency structure we’re living 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 often with pen and paper and that simply 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 just 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of global services have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes badly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a good question I constantly toss this back and say what is it what does not require to be consisted of right and what does

it require to be thought of 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to sort of progress with that it likewise as well to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work more detailed together than ever um I’m always surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data 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 wellness being more and more essential to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by companies throughout the world so again you’re simply looking to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine tough sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era 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 difficult as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from an expense point of view from an impact point of view on workers it is definitely crucial that it’s done correctly 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 biggest damaging result on individuals’s wellness and many other aspects if people aren’t paid uh I’ve always been impressed coming into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is a terrific first step um offering an end-to-end payroll service for your staff members worldwide again I believe is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts they need 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 countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks

anyway we understand how how essential 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 simple as possible for everybody that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and sort of shot to get back to everyone so carrying on look why do companies select to main different checking account there are Papaya Global Difference Between Restore And Recover services out there doing exactly this for specific nations and I have actually operated in a business or lots of businesses doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think people have actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs changing but eventually individuals are extremely stuck to what they recognize

with right um change is a difficult thing we all don’t like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping numerous bank accounts but there’s a huge quantity of intricacy opts for establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is huge however I think the truthful response is change um individuals haven’t had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is understanding you understand and there is an element 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 understand what could practically be identified to be the next Century or so there is a lot to keep track of and this approach does present numerous challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Difference Between Restore And Recover