Cheap Papaya Global Software FAQ – Payroll Management 2024

Over the last five or 6 years …Cheap Papaya Global Software… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes 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 really bleak and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies maintain separate

Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most notably regulations compliance information security and banking rules then there are the large numbers they include additional complexity the global Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll design there’s typically a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely extremely basic there’s no genuine consistency framework we’re living in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I believe

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide companies have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly interacted hires and terminations along with absence management and system setups and after that when you round everything off and the data is delivered to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they depend on the required 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 great concern 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 thought about there’s differing 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to sort of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m constantly amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data 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 a growing number of benefits being organ or being offered by businesses throughout the world so once again you’re just aiming to add more and more payments to this currently intricate landscape so if you kind 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 difficulties or genuine difficult type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single biggest liability that any company has from an expense perspective from an effect point of view on employees it is absolutely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on individuals’s well-being and numerous other elements if people aren’t paid uh I have actually always been impressed entering into this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m uncertain anybody on this kind of webinar has actually been told 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 staff members or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe 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 things is done properly so leveraging the very first International Payments very first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll option for your employees globally again I think is another big um procedure once again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of businesses and lowering the number of tools platforms and checking account they require for their Worldwide 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks

anyway we know 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 involved in those procedures and likewise so envision sorry I’m simply I was just gon na say imagine 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 speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and sort of try to get back to everyone so moving on look why do companies pick to primary different savings account there are Cheap Papaya Global Software services out there doing exactly this for particular countries and I have actually worked in a company or many services doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s managing 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 believe numerous reasons one is it’s the standard I think people have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have embraced and continue to do over years and years gone past to add 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 believe this is a process that requires taking a look at it requires altering but ultimately individuals are extremely stuck with what they recognize

with best um change is a tough thing we all do not like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having preserving multiple checking account but there’s a substantial quantity of intricacy chooses establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is huge however I think the truthful response is change um individuals have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep an eye on and this technique does pose numerous difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Cheap Papaya Global Software