Papaya Global Quiz Maketing Awards FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Quiz Maketing Awards… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really dreary and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain separate

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various 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 discuss why they are becoming a strategic asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance data security and banking rules then there are the large numbers they include additional complexity the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s typically a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely very standard there’s no genuine consistency structure we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in global payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global organizations have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors badly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be consisted of best and what does

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 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 intricacy wherever you look right eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 essential and innovation is permitting us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely important that payroll and finance teams work closer together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high value on well-being and the compensation landscape is becoming significantly elaborate. Companies are continuously presenting brand-new advantages and payment choices, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically advanced period, there’s no reason for keeping troublesome procedures. Payroll, the company’s greatest cost, must be processed correctly and on time. Even small hold-ups can adversely affect employees’ well-being and have far-reaching consequences. Therefore, it’s vital to focus on accurate and timely payments.

payroll team get um so I’m uncertain anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just 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 crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific initial step um offering an end-to-end payroll service for your workers internationally again I believe is another huge um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of businesses and reducing the variety of tools platforms and bank accounts they require for their International 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 countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks

anyway we understand 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 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 picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting 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 need days of the week to attempt to look through them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do business choose to main different savings account there are Papaya Global Quiz Maketing Awards services out there doing exactly this for specific countries and I have actually operated in a company or lots of services doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anybody 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 think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I think individuals have actually got so used to we need a new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it needs changing but eventually people are extremely stuck with what they recognize

with right um change is a tough thing all of us do not like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining multiple bank accounts however there’s a big amount of intricacy goes with setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for individual people so the intricacy is big however I think the honest answer is modification um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to track and this technique does present several obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global 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 accomplishments. Papaya Global Quiz Maketing Awards