Papaya Global Solutions Co FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Solutions Co… functions on the supplier side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort 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 kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely dreary and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve different

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Making sure accurate, effective, and prompt payroll payments is a complex obstacle for companies running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll costs to enhance working capital, and find how improving worldwide payroll payments can transform them from a difficult task into a tactical possession.

Managing payroll globally is a complicated task due to different guidelines, compliance requirements, information security issues, and banking guidelines. The large number of staff members and organizations adds to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems typically result in manual processes, information silos, and a lack of combination, causing disparities and inadequacies. In spite of living in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and services to simplify and optimize worldwide payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of international businesses have actually revealed 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 information information entry errors improperly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly 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 service face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t need to be consisted of ideal and what does

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it require 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 capabilities 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 complexity anywhere you look best eventually constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble super payments no if however some babies 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to type of progress with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m always impressed when individuals state I have actually divided 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 split 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 procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high value on wellness and the payment landscape is ending up being increasingly detailed. Businesses are continually introducing new benefits and payment choices, which adds to the general complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically innovative age, there’s no reason for preserving cumbersome treatments. Payroll, the company’s biggest expenditure, must be processed correctly and on time. Even minor hold-ups can negatively affect employees’ wellness and have far-reaching effects. For that reason, it’s crucial to focus on precise and timely payments.

payroll team get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the first International Payments first payroll payment option is a terrific initial step um offering an end-to-end payroll solution for your workers worldwide once again I think is another huge um process again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of organizations and lowering the variety of tools platforms and savings account they require 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 thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks

anyway 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 involved in those procedures and likewise so envision sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of shot to return to everyone so proceeding appearance why do companies choose to main separate bank accounts there are Papaya Global Solutions Co companies out there doing exactly this for particular nations and I have actually operated in a company or lots of services doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and any person 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 amount that we are I think numerous reasons one is it’s the standard I think people have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing however eventually individuals are really stuck to what they’re familiar

with right um change is a difficult thing all of us don’t like change um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving numerous savings account however there’s a big amount of intricacy goes with setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is huge but I believe the truthful response is modification um individuals haven’t had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or so there is a lot to keep an eye on and this approach does present numerous challenges um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so

I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Solutions Co