How Late Can I Send Papaya Global Payroll FAQ – Payroll Management 2024

Over the last five or six years …How Late Can I Send Papaya Global Payroll… functions on the company side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating 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 comes from and I truly 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 very very gloomy and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll also go over a wrap-up which should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and managing them becomes increasingly more complex International organizations are looking to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment viewpoint many organizations maintain different bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve different savings account in some cases in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business streamline the episode complex processes of

making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they include additional complexity the international Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll design there’s typically a frustrating number of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very extremely standard there’s no genuine consistency structure we’re residing in an era of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international companies have expressed that they do not 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 bad HCM data information entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the wrong location 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 worldwide payroll and payments don’t run smoothly if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be included ideal and what does

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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 country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to sort of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people say I have actually 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 computation I would say no so why do we as an industry 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 individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more essential to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by services throughout the world so again you’re simply looking to include more and more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or real challenging kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information 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 does not necessarily require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single biggest liability that any business has from a cost perspective from an effect point of view on staff members it is definitely important that it’s done properly 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 most significant harmful impact on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve constantly been impressed coming into this Market sort of the last five to 10 years is how little thanks the

payroll team get um so I’m not sure anybody on this type of webinar has 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 workers or not um however ultimately payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is a terrific initial step um providing an end-to-end payroll option for your employees worldwide again I believe is another big um procedure again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of services and reducing the number of tools platforms and bank accounts they require for their International 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 countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks

anyhow 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 simple as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of try to get back to everyone so proceeding appearance why do business select to main different bank accounts there are How Late Can I Send Papaya Global Payroll organizations out there doing exactly this for specific nations and I’ve worked in a business or lots of organizations doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts 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 requirement I believe people have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires altering however eventually individuals are very stuck to what they recognize

with right um change is a hard thing all of us do not like modification um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining multiple checking account however there’s a huge amount of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial however I think the honest response is change um people haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to monitor and this technique does present numerous difficulties um so Johnny could you tell 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 jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. How Late Can I Send Papaya Global Payroll