Papaya Global Italy FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Italy… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another number of uh well among 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 quite intriguing 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 actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very dreary and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies maintain different

Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.

Making sure precise, efficient, and timely payroll payments is a complex challenge for services operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to enhance working capital, and discover how enhancing global payroll payments can change them from a burdensome job into a tactical asset.

Handling payroll internationally is a difficult job due to various policies, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and businesses contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems typically lead to manual processes, information silos, and an absence of combination, causing disparities and ineffectiveness. In spite of living in an age of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and services to streamline and optimize worldwide payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on global payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes poorly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be included ideal and what does

it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 ultimately building a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 innovation is permitting us to type of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work better together than ever um I’m constantly impressed when people 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 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world places a high worth on wellness and the compensation landscape is becoming significantly complex. Organizations are continuously presenting brand-new advantages and payment alternatives, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can lead to inadequacies and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly innovative age, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s greatest expenditure, should be processed correctly and on time. Even small delays can adversely affect employees’ well-being and have far-reaching effects. Therefore, it’s critical to prioritize accurate and timely payments.

The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. Therefore, it is essential to make sure that jobs like Wi-Fi Global and other essential matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is an excellent initial action towards supplying a detailed payroll solution for workers worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and checking account essential for international payroll are crucial factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Ultimately, we do not do it for the appreciation.

anyway 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 associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t think of 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 actually see what was going on and sort of try to get back to everybody so carrying on appearance why do companies pick to primary separate bank accounts there are Papaya Global Italy companies out there doing precisely this for particular nations and I’ve operated in a company or lots of companies doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for any person where we don’t need to and anybody 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 amount that we are I believe lots of factors one is it’s the standard I think individuals have got so utilized to we require a new savings account we open an entity and rightly 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 simply been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a process that requires looking at it requires changing but ultimately individuals are very stuck to what they’re familiar

with best um modification is a hard 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 great deal of track of things um I comprehend obviously the benefits of having maintaining several checking account but there’s a substantial amount of complexity goes with establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is substantial however I believe the honest answer is modification um people have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change but 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 proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to keep track of and this method does present numerous obstacles um so Johnny might you tell us about those challenges yeah obviously 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 feels like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 workers 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 Italy

Papaya Global Italy FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Italy… functions on the supplier side and also on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes 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 really really dreary and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business preserve separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a recap and that must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and managing them ends up being a growing number of complex Worldwide companies are aiming to discover Solutions and new methods to enhance processes specifically from a payroll and cross-border payment perspective numerous companies keep different savings account just for payroll while some have several accounts in various countries does it make good sense for business to maintain different savings account in some cases in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business enhance the episode complex processes of

making payroll payments accurately 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 checking account how companies precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most significantly policies compliance data security and banking rules then there are the large numbers they add more intricacy the international Labor force is presently three 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 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 world in the conventional payroll design there’s typically an overwhelming number of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely very basic there’s no genuine consistency structure we’re living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization spends on global payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of global companies have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors inadequately interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the information is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be included best 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 country there’s payment time frames there’s payment abilities 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 wherever you look ideal ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to type of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely crucial that payroll and finance teams work more detailed together than ever um I’m constantly astonished 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 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the

The modern world puts a high value on well-being and the settlement landscape is ending up being significantly complex. Companies are continually introducing new advantages and payment choices, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technically innovative period, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s most significant expenditure, should be processed properly and on time. Even minor hold-ups can negatively affect employees’ wellness and have significant consequences. For that reason, it’s important to focus on accurate and timely payments.

The payroll team might 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 people just notice when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. For that reason, it is necessary to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the first Global Payments first payroll payment service is a terrific initial action towards supplying an extensive payroll solution for employees worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and savings account necessary for global payroll are essential consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as prepared. Eventually, we do not do it for the gratitude.

anyway we understand how how essential 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 simple as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture 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 definitely be an intriguing task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need 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 everybody so carrying on look why do business choose to main different savings account there are Papaya Global Italy businesses out there doing precisely this for particular nations and I’ve operated in a company or numerous businesses doing precisely that I can state it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I believe people have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have 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 lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs changing but ultimately individuals are extremely stuck with what they’re familiar

with ideal um change is a tough thing all of us don’t like change um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining several bank accounts however there’s a big quantity of intricacy chooses establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is huge but I believe the truthful response is change um individuals have not had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to keep track of and this approach does present a number of obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so

I just recently made a change 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 actually gotten another CFO, and with this improved capability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Italy