Papaya Global Costa Rica FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Costa Rica… roles on the service provider side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone all right 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 nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone 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 definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll likewise review a wrap-up which ought to leave his time at the extremely really 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 International workforces become increasingly more common and managing them becomes a growing number of intricate Worldwide organizations are seeking to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment perspective lots of companies maintain separate savings account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve separate bank accounts in some cases in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business enhance the episode complex processes of

Ensuring precise, effective, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to enhance working capital, and find how simplifying global payroll payments can change them from a troublesome task into a strategic possession.

Managing payroll internationally is an overwhelming job due to different policies, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and companies adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.

Traditional payroll systems often lead to manual procedures, data silos, and a lack of combination, leading to inconsistencies and inefficiencies. Despite residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and services to streamline and enhance worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on international payroll the less of a picture they see an absence of presence also extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they rely on the needed 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 organization face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be included right and what does

it require to be thought of 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 customer’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of progress with that it likewise too to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance groups work closer together than ever um I’m always surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the

The modern-day world places a high worth on well-being and the compensation landscape is becoming increasingly elaborate. Services are constantly presenting new advantages and payment alternatives, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my opinion, this does not have to be the case. In today’s technically innovative period, there’s no reason for keeping troublesome procedures. Payroll, the business’s greatest cost, must be processed properly and on time. Even slight hold-ups can negatively affect workers’ well-being and have far-reaching repercussions. Therefore, it’s vital to focus on precise and timely payments.

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just notice when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi International and other important matters are done correctly. Utilizing the first Global Payments very first payroll payment option is a great preliminary step towards providing an extensive payroll option for staff members worldwide. Standardization, international processes, and reducing the number of tools, platforms, and bank accounts necessary for global payroll are crucial factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as prepared. Ultimately, we do not do it for the gratitude.

anyhow we know how how crucial 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 easy as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture 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 but it would absolutely be an intriguing task trying to clean up 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 try to browse them and really see what was going on and type of shot to get back to everyone so proceeding look why do companies select to primary different checking account there are Papaya Global Costa Rica businesses out there doing precisely this for specific countries and I’ve operated in a company or many businesses doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think individuals have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires changing but eventually people are really stuck with what they recognize

with right um change is a hard thing we all don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping several bank accounts but there’s a substantial quantity of complexity chooses establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is substantial however I believe the sincere response is change um individuals haven’t been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century approximately there is a lot to keep track of and this approach does pose several obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Costa Rica

Papaya Global Costa Rica FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Costa Rica… functions on the supplier side and also on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates 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 really really bleak and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain different

Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.

Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to optimize working capital, and find how improving global payroll payments can change them from a burdensome job into a strategic asset.

Handling payroll worldwide is a complicated job due to different regulations, compliance requirements, information security issues, and banking rules. The sheer number of workers and businesses adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems frequently result in manual processes, information silos, and a lack of integration, leading to disparities and inefficiencies. In spite of living in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and solutions to streamline and enhance international payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide organizations have actually revealed 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 data information entry errors badly communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the data is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what does not require to be consisted of right and what does

it need to be considered there’s varying 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 need to pay from the client’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 essential and technology is enabling us to sort of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 eventually 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 but also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of essential to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being used by services throughout the world so again you’re just looking to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would certainly say that the bigger a company 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 groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we operate 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 an age of tech and a period that you know that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from a cost viewpoint from an impact viewpoint on staff members it is definitely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive effect on people’s well-being and many other factors if individuals aren’t paid uh I have actually always been surprised 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 type of webinar has been told 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 however eventually payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think 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 things is definitely important that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll solution for your staff members internationally again I think is another big um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of services and lowering the variety of tools platforms and savings account they need for their Global 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks

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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely 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 kind of try to get back to everyone so carrying on look why do business select to main separate checking account there are Papaya Global Costa Rica services out there doing exactly this for specific nations and I’ve operated in a service or many services doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t need to and any person that’s handling that process 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 think many reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals 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 many other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs changing but ultimately people are very stuck to what they’re familiar

with ideal um modification is a hard thing all of us don’t like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having keeping several savings account however there’s a huge quantity of complexity goes with establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the intricacy is big but I think the honest answer is change um individuals haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep track of and this method does present a number of obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Costa Rica