Over the last 5 or six years …Papaya Global Interview Questions… roles on the supplier side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody 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 is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business keep different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they include more intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s often a frustrating variety of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very standard there’s no genuine consistency framework we’re living in an age of tech but 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 which simply blows my mind whenever I I believe
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 gives me sleepless nights and rather honestly the more a company invests in international payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of international companies have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors poorly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is delivered to the wrong location the typical cost of a worldwide 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 do not run efficiently if they rely on the necessary multiple 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 difficulties company face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be consisted of right 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 nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like super payments no if but some children 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 technology is permitting us to sort of move on with that it also too to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the compensation landscape is becoming progressively elaborate. Services are continuously introducing brand-new advantages and payment options, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t have to be the case. In today’s highly innovative age, there’s no reason for preserving cumbersome treatments. Payroll, the business’s greatest expenditure, should be processed correctly and on time. Even slight delays can adversely affect workers’ well-being and have far-reaching repercussions. For that reason, it’s crucial to prioritize accurate and timely payments.
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just notice when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. For that reason, it is important to guarantee that jobs like Wi-Fi International and other vital matters are done correctly. Using the very first Worldwide Payments first payroll payment solution is an excellent preliminary action towards supplying an extensive payroll solution for employees worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and checking account essential for global payroll are essential factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how essential 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 procedures and likewise so picture sorry I’m just I was simply gon na say think of the quantity 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 numerous thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everyone so carrying on look why do business choose to primary different bank accounts there are Papaya Global Interview Questions companies out there doing precisely this for specific nations and I’ve operated in a business or many organizations doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and anyone that’s dealing with 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 believe lots of factors one is it’s the standard I think individuals have got so used to we require a brand-new checking 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 simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it needs changing but ultimately people are extremely stuck to what they’re familiar
with right um change is a challenging thing we all do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving multiple checking account but there’s a substantial amount of intricacy goes with establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is substantial but I believe the sincere answer is modification um people haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this method does pose a number of obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Interview Questions