Papaya Global Romania FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Romania… roles on the provider side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely dreary and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain different

Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.

Ensuring precise, efficient, and timely payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and find how enhancing international payroll payments can change them from a burdensome job into a tactical asset.

Handling payroll internationally is a challenging job due to various guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of workers and companies adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.

Standard payroll systems frequently lead to manual processes, data silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Regardless of living in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and solutions to simplify and enhance international payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on international payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents 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 desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the data is delivered to the wrong place 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 cash around the world payroll and payments don’t run efficiently if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be included ideal and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 complexity anywhere you look right ultimately building a knowledge base is definitely important but all over you look with payroll payment they resemble extremely payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to type of move on with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely essential that payroll and finance teams work better together than ever um I’m always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry 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 any place they are however also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more crucial to contribute to type of the level of intricacy there’s more and more advantages being organ or being used by companies across the world so once again you’re just looking to add increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single biggest liability that any service has from an expense point of view from an impact viewpoint on workers it is absolutely important that it’s done correctly and on time so what we mean 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 individuals’s well-being and lots of other factors if people aren’t paid uh I’ve always been impressed entering into this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe 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 vital that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment option is an excellent primary step um supplying an end-to-end payroll service for your workers globally once again I think is another big um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of companies and reducing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to 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 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks

anyway we know how how crucial 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 easy as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of shot to return to everybody so proceeding look why do business choose to main different checking account there are Papaya Global Romania services out there doing exactly this for specific countries and I have actually operated in a service or lots of organizations doing exactly that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and anyone that’s managing 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 amount that we are I think numerous factors one is it’s the standard I think people have got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however 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 gone past to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering however eventually individuals are really stuck with what they recognize

with best um change is a tough thing all of us don’t like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining several bank accounts but there’s a big quantity of intricacy opts for establishing a bank account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is huge however I think the sincere response is modification um individuals haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or so there is a lot to track and this method does present numerous obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so

I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles 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 closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Romania

Papaya Global Romania FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Romania… roles on the company side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everybody 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 sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a recap which needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and handling them becomes a growing number of complicated Worldwide organizations are aiming to find Solutions and brand-new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous companies maintain separate savings account just for payroll while some have several accounts in different nations does it make good sense for business to preserve separate checking account sometimes in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business streamline the episode complex processes of

Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to optimize working capital, and discover how streamlining international payroll payments can transform them from a burdensome task into a tactical asset.

Managing payroll globally is a daunting job due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and companies contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.

Traditional payroll systems frequently lead to manual processes, information silos, and a lack of integration, resulting in disparities and inefficiencies. Despite living in an age of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and services to streamline and enhance international payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the data is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the essential several 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 obstacles business face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t need to be included right and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it need to be thought about 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble incredibly payments no if however some children 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of move forward with that it also too to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely essential that payroll and financing teams work better together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split 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 procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the

The modern-day world places a high worth on well-being and the payment landscape is ending up being progressively detailed. Organizations are constantly presenting brand-new advantages and payment alternatives, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can lead to inadequacies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically innovative period, there’s no justification for preserving troublesome procedures. Payroll, the business’s biggest cost, should be processed properly and on time. Even slight delays can adversely affect staff members’ wellness and have far-reaching repercussions. For that reason, it’s critical to prioritize precise and timely payments.

The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just discover when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. Therefore, it is necessary to guarantee that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the very first Global Payments very first payroll payment solution is a fantastic preliminary step towards providing an extensive payroll solution for workers worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and bank accounts essential for international payroll are essential consider achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as prepared. Eventually, we do not do it for the thankfulness.

anyhow we know how how crucial 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 easy as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely 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 check out them and actually see what was going on and type of try to return to everybody so proceeding appearance why do companies choose to primary separate checking account there are Papaya Global Romania services out there doing precisely this for specific countries and I’ve worked in a business or lots of businesses doing precisely that I can state it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and anyone that’s dealing with 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 many factors one is it’s the standard I think individuals have got so utilized to we require a brand-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 just been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a process that needs taking a look at it requires altering but ultimately individuals are really stuck with what they’re familiar

with right um change is a hard thing we all do not like modification um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having maintaining several bank accounts however there’s a big amount of complexity goes with establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is big however I believe the sincere response is change um people haven’t had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than 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 a component of resistance to alter but we’ve 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 almost be figured out to be the next Century or two there is a lot to keep track of and this approach does present a number of obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so

I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Romania