Papaya Global File FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global File… functions on the provider side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join all of us 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 already just to hear where everybody is um it’s nice to to sort of like see where everybody originates 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 dreary and I wish I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll also discuss a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and managing them becomes increasingly more complex Worldwide organizations are seeking to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment standpoint many companies preserve different checking account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain different savings account sometimes in different nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies streamline the episode complex processes of

Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for businesses running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to optimize working capital, and find how streamlining global payroll payments can change them from a challenging task into a tactical possession.

Handling payroll globally is a complicated job due to numerous regulations, compliance requirements, data security concerns, and banking rules. The large variety of workers and companies adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems often result in manual procedures, data silos, and an absence of integration, leading to disparities and ineffectiveness. Regardless of residing in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize global payroll payments.

about it to provide you an idea 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 offers me sleepless nights and quite honestly the more an organization spends on global payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of international companies have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes poorly interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the data is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they count on the needed several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be consisted of right and what does

it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you have 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 best ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in 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 technology is permitting us to sort of progress with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely essential that payroll and financing teams work better together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world places a high value on wellness and the compensation landscape is ending up being progressively intricate. Companies are continually introducing brand-new advantages and payment alternatives, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technically sophisticated age, there’s no justification for maintaining cumbersome procedures. Payroll, the company’s biggest expenditure, must be processed properly and on time. Even slight hold-ups can negatively impact staff members’ well-being and have significant repercussions. For that reason, it’s important to focus on precise and timely payments.

payroll group get um so I’m not exactly sure 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 employees or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but 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 likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll option for your workers internationally again I think is another substantial um process again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of companies and lowering the variety 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’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t 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 know how how essential 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 simple as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na say envision 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 talking about hundreds of thousands potentially 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 certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do companies pick to main separate checking account there are Papaya Global File companies out there doing exactly this for specific nations and I have actually operated in an organization or numerous companies doing precisely 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 additional work for any person where we do not need to and anybody 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 amount that we are I believe many reasons one is it’s the standard I think people have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires altering but eventually individuals are extremely stuck to what they recognize

with best um change is a hard thing all of us do not like modification um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining several bank accounts however there’s a substantial amount of intricacy opts for setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is huge however I think the truthful answer is modification um people have not had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or so there is a lot to track and this approach does posture a number of challenges um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so

I just did you switched 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 International employees you deserve a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global File