Papaya Global Payslips FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Payslips… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join we all 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 everyone is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business maintain separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll also go over a recap and that should leave his time at the very 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 Worldwide workforces end up being a growing number of common and managing them becomes more and more complicated International companies are looking to find Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of organizations keep different checking account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep different checking account sometimes in various nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies simplify the episode complex processes of

making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most significantly policies compliance data security and banking rules then there are the large numbers they add additional intricacy the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s typically an overwhelming variety of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely very fundamental there’s no genuine consistency framework we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every 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 information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in global payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors badly interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the information is shipped to the wrong place the typical expense of a global information 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 efficiently if they rely on the required several procedures systems and partners it is simply 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 paying to employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be consisted of right and what does

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it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to type of move forward with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals state I have actually split 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 a market 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 information 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 modern world positions a high value on wellness and the settlement landscape is becoming progressively intricate. Organizations are constantly presenting brand-new advantages and payment alternatives, which adds to the general complexity. Large corporations typically divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technically innovative age, there’s no reason for keeping troublesome treatments. Payroll, the business’s biggest expenditure, must be processed correctly and on time. Even small delays can adversely affect employees’ wellness and have far-reaching consequences. For that reason, it’s important to focus on accurate and prompt payments.

payroll team get um so I’m not exactly sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great 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 hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is an excellent first step um offering an end-to-end payroll solution for your staff members worldwide again I believe is another big um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and decreasing the number of tools platforms and checking account they require for their International payroll too couldn’t 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 don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant 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 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 everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of try to return to everybody so proceeding look why do companies select to main separate bank accounts there are Papaya Global Payslips organizations out there doing precisely this for particular nations and I have actually operated in a company or numerous companies doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe individuals have got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a process that needs taking a look at it needs changing but ultimately people are very stuck with what they’re familiar

with best um change is a challenging thing we all don’t like modification um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping multiple bank accounts however there’s a big quantity of intricacy opts for setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is huge however I think the sincere answer is modification um people have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or so there is a lot to track and this technique does present several challenges um so Johnny might you inform us about those challenges 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 resembles 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 office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payslips