Papaya Global Year End Video FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Year End Video… functions on the supplier side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 gloomy and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies preserve different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll likewise discuss a recap and that should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and managing them ends up being a growing number of complex Worldwide companies are seeking to discover Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint 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 keep different savings account often in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex processes of

Making sure precise, efficient, and timely payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to enhance working capital, and find how improving global payroll payments can transform them from a burdensome task into a strategic asset.

Managing payroll internationally is a challenging job due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of staff members and companies adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.

Traditional payroll systems typically lead to manual processes, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Despite residing in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and options to simplify and enhance global payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on global payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of international companies have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is shipped to the incorrect place the average expense of a worldwide 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 globe payroll and payments don’t run smoothly if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be consisted of right and what does

it require 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 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 best ultimately building a knowledge base is definitely vital however 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 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 recognition that payroll payments are absolutely essential and innovation is permitting us to type of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely essential that payroll and finance teams work better together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide 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 eventually it’s payroll is an end-to-end procedure 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 third parties so with the

world we reside in and wellness being increasingly more essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being used by organizations across the world so once again you’re simply aiming to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine challenging kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they need 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 agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense point of view from an effect point of view on employees it is absolutely critical 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 greatest harmful effect on people’s wellness and many other aspects if people aren’t paid uh I’ve always been astonished coming into this Market kind of the last five to 10 years is how little thanks the

The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just observe when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. Therefore, it is essential to guarantee that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment service is a terrific preliminary step towards supplying a comprehensive payroll option for staff members worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and bank accounts necessary for global payroll are essential factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things don’t go as planned. Ultimately, we do not do it for the appreciation.

anyhow we understand how how crucial a role 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 everyone that’s associated with those procedures and also so imagine sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and type of shot to get back to everyone so proceeding appearance why do business pick to main separate savings account there are Papaya Global Year End Video organizations out there doing exactly this for specific countries and I’ve operated in a business or numerous organizations doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I think people have got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs changing but ultimately individuals are extremely stuck with what they recognize

with ideal um change is a challenging thing we all don’t like modification um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining numerous savings account however there’s a big quantity of intricacy chooses establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is substantial but I believe the truthful response is modification um individuals have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or so there is a lot to track and this method does position a number of obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Year End Video