Papaya Global Path File FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Path File… functions on the company side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everyone 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 interesting 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 comes from and I actually 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 really very uninspiring and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a recap and that must leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and handling them becomes more and more complicated Global organizations are aiming to find Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment perspective lots of companies keep separate savings account just for payroll while some have several accounts in various nations does it make good sense for companies to maintain different bank accounts sometimes in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business streamline the episode complex processes of

Making sure precise, efficient, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and discover how enhancing international payroll payments can change them from a troublesome task into a tactical asset.

Handling payroll worldwide is a difficult job due to different regulations, compliance requirements, data security concerns, and banking rules. The sheer number of workers and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.

Standard payroll systems frequently lead to manual processes, data silos, and a lack of integration, resulting in inconsistencies and inadequacies. Despite residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to offer insights and services to simplify and optimize international payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on international payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes improperly communicated hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be included ideal and what does

it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 customer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they are like incredibly payments no if however some children 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 allowing us to sort of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely essential that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate 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 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 reside in and well-being being a growing number of crucial to add to sort of the level of intricacy there’s more and more advantages being organ or being provided by organizations throughout the world so once again you’re just wanting to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real challenges or genuine difficult sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from a cost point of view from an impact viewpoint on staff members it is absolutely vital 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 need to be done right it has the most significant detrimental effect on people’s well-being and numerous other factors if people aren’t paid uh I have actually always been amazed coming into this Market type of the last 5 to ten years is how little thanks the

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. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi International and other important matters are done correctly. Using the very first Global Payments very first payroll payment service is a fantastic preliminary action towards supplying an extensive payroll service for employees worldwide. Standardization, international processes, and reducing the number of tools, platforms, and bank accounts needed for global payroll are essential consider accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as planned. Eventually, we don’t do it for the appreciation.

anyhow we understand 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 everyone that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to return to everyone so proceeding look why do companies pick to main separate bank accounts there are Papaya Global Path File services out there doing exactly this for particular countries and I’ve operated in a service or numerous services doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not need 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 amount that we are I think lots of factors one is it’s the requirement I believe people have actually got so used to we require a new savings 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 standard individuals have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a process that needs looking at it needs altering but eventually people are very stuck with what they’re familiar

with best um modification is a challenging thing we all don’t like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining several savings account but there’s a huge amount of complexity chooses establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is big but I believe the sincere response is change um individuals have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep an eye on and this approach does present numerous challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so

I simply 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 Global staff members you deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Path File