Papaya Global Pay Import Sheet FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Pay Import Sheet… functions on the provider side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely bleak and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies maintain different

Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property 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 accurate, effective, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a difficult task into a strategic property.

Handling payroll globally is an overwhelming job due to various policies, compliance requirements, information security issues, and banking guidelines. The large variety of workers and companies adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.

Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, leading to disparities and ineffectiveness. In spite of living in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to supply insights and options to streamline and optimize worldwide 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 data in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization invests in international payroll the less of a picture they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of international organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes badly interacted hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they count on the required numerous 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 challenges business face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be included ideal and what does

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it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to kind of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work closer together than ever um I’m always impressed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by services throughout the world so again you’re just seeking to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real challenges or real challenging type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost point of view from an effect point of view on workers it is definitely important 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 have to be done right it has the greatest detrimental result on people’s well-being and lots of other elements if people aren’t paid uh I have actually always been surprised coming into this Market type of the last 5 to ten years is how little thanks the

payroll team get um so I’m uncertain anyone on this kind of webinar has 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 staff members or not um however ultimately payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply 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 vital that all of this things is done correctly so leveraging the first Global Payments very first payroll payment solution is a terrific primary step um providing an end-to-end payroll solution for your employees internationally again I believe is another substantial um procedure again lining up and guaranteeing you have standardization International procedures all of those things are definitely key to success success of businesses and decreasing the number of tools platforms and bank accounts they require for their Global 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks

anyway we know how how crucial a function 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 everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and sort of try to return to everyone so proceeding appearance why do business choose to primary different checking account there are Papaya Global Pay Import Sheet businesses out there doing exactly this for specific nations and I’ve worked in an organization or lots of companies doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires altering but eventually individuals are very stuck with what they recognize

with right um modification is a tough thing all of us don’t like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having preserving several bank accounts but there’s a huge amount of intricacy chooses setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is big however I believe the honest answer is modification um people haven’t been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century or two there is a lot to track and this technique does pose several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so

I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Pay Import Sheet