Papaya Global Unrecognized Database Format FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Unrecognized Database Format… functions on the supplier side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really 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 drizzling here it’s really really uninspiring and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll likewise discuss a wrap-up which ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and handling them becomes a growing number of complicated Global companies are wanting to discover Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment viewpoint lots of companies preserve different savings account just for payroll while some have several accounts in different countries does it make sense for companies to maintain separate savings account sometimes in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex processes of

making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most importantly regulations compliance information security and banking rules then there are the sheer numbers they include additional intricacy the global Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there’s frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very really basic there’s no genuine consistency framework we’re residing in a period 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 each time I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of global 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 mistakes are due to time reporting bad HCM information data entry errors inadequately communicated hires and terminations along with absence management and system setups and then when you round everything off and the information is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be included 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 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 need to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to type of progress with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m always astonished when people 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 split the payroll payment from calculation 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 procedure it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more important to contribute to kind of the level of complexity there’s more and more benefits being organ or being offered by businesses across the world so once again you’re simply seeking to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or real difficult sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things however 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 develop additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an impact perspective on staff members it is definitely critical that it’s done correctly 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 greatest destructive effect on individuals’s wellness and many other elements if people aren’t paid uh I’ve always been impressed entering this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a great first step um offering an end-to-end payroll service for your employees internationally once again I think is another substantial um process again aligning and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of organizations and lowering the number of tools platforms and bank accounts they require for their Worldwide 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 ever had a hundred countless 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 haven’t gone quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks

anyway we know how how important 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 associated with those procedures and also so think of sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of try to get back to everybody so carrying on look why do business select to primary separate savings account there are Papaya Global Unrecognized Database Format services out there doing precisely this for specific nations and I have actually operated in a company or lots of companies doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s dealing with that procedure 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 lots of factors one is it’s the standard I think people have got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it requires altering but ultimately people are very stuck to what they recognize

with ideal um modification is a hard thing all of us do not like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping multiple bank accounts but there’s a huge amount of complexity opts for setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is big however I believe the sincere answer is modification um individuals haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or so there is a lot to track and this technique does pose numerous challenges um so Johnny might 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Unrecognized Database Format