Papaya Global Images Reports FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Images Reports… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everybody another number 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 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 really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a wrap-up and that ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more typical and managing them becomes increasingly more intricate Global organizations are seeking to find Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment standpoint many organizations keep separate checking account just for payroll while some have several accounts in various countries does it make sense for business to keep different savings account in some cases in different nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies enhance the episode complex processes of

Making sure accurate, efficient, and prompt payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to enhance working capital, and discover how enhancing international payroll payments can change them from a burdensome job into a tactical possession.

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

Standard payroll systems often result in manual processes, information silos, and an absence of combination, leading to disparities and inefficiencies. Regardless of residing in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to offer insights and services to streamline and optimize worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on international payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of international companies have actually expressed 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 information entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place 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 cash worldwide payroll and payments do not run smoothly if they depend on the needed numerous processes 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 paying to workers or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be included right and what does

it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like super 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to type of move on with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work more detailed together than ever um I’m constantly impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high worth on well-being and the payment landscape is ending up being significantly elaborate. Companies are constantly introducing brand-new advantages and payment alternatives, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technically sophisticated age, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s most significant expense, need to be processed correctly and on time. Even minor delays can negatively impact employees’ well-being and have far-reaching consequences. For that reason, it’s important to prioritize precise and prompt payments.

payroll group get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all find out about it when it goes wrong 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 deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is an excellent primary step um providing an end-to-end payroll service for your workers internationally again I think is another huge um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of services and reducing the variety of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in regards to 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 10 or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks

anyway we understand how how important a function 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 just gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of try to return to everybody so proceeding appearance why do companies select to main different bank accounts there are Papaya Global Images Reports companies out there doing precisely this for particular countries and I’ve worked in a service or many companies doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s managing 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 amount that we are I think many factors one is it’s the standard I believe people have got so used to we need a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other ways 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 requires changing however ultimately individuals are extremely stuck to what they’re familiar

with right um modification is a challenging thing we all don’t like change um so I think it’s simply 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 obviously the advantages of having keeping several savings account but there’s a big quantity of intricacy opts for establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge but I believe the honest response is modification um individuals haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to monitor and this technique does present numerous challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so

I recently made a change 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 actually gained another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Images Reports