Clear Papaya Global Company List FAQ – Payroll Management 2024

Over the last 5 or six years …Clear Papaya Global Company List… functions on the supplier side and also on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of 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 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 originates from and I actually 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 really uninspiring and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business maintain different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we’ll also review a recap and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and handling them becomes a growing number of intricate Worldwide organizations are wanting to find Solutions and new methods to enhance processes specifically from a payroll and cross-border payment perspective numerous companies maintain different checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain separate savings account sometimes in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex processes of

making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most significantly guidelines compliance information security and banking rules then there are the sheer numbers they add additional intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming variety of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely very basic there’s no real consistency structure we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international companies have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes badly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the information is delivered to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be consisted of best and what does

it need 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 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 client’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is absolutely important however everywhere 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 look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to sort of progress with that it likewise also to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and finance groups work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world puts a high value on wellness and the payment landscape is becoming increasingly intricate. Organizations are constantly introducing new advantages and payment alternatives, which adds to the total complexity. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s highly innovative period, there’s no reason for maintaining troublesome procedures. Payroll, the company’s biggest expense, must be processed correctly and on time. Even minor hold-ups can negatively affect staff members’ well-being and have far-reaching effects. For that reason, it’s important to focus on precise and prompt payments.

payroll group get um so I’m unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a terrific primary step um supplying an end-to-end payroll service for your staff members worldwide once again I think is another big um procedure once again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of companies and decreasing the variety of tools platforms and bank accounts they require for their Global 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks

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 everybody that’s associated with those processes and also so imagine sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture 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 certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of try to get back to everyone so carrying on look why do business pick to primary separate checking account there are Clear Papaya Global Company List organizations out there doing exactly this for particular countries and I have actually operated in a business or many companies doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I think individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a procedure that needs taking a look at it needs altering but eventually individuals are really stuck with what they’re familiar

with right um modification is a difficult thing all of us do not like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having preserving numerous savings account however there’s a huge quantity of intricacy chooses establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is huge however I think the sincere answer is modification um individuals have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this approach does posture several challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so

I just recently made a change 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 enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Clear Papaya Global Company List