Papaya Global Year End Checklist 2022 FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Year End Checklist 2022… functions on the company side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating 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 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 raining here it’s very extremely bleak and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain different

Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured 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 provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they include further intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s often a frustrating number of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely really standard there’s no real consistency structure we’re residing in an age of tech but payroll has actually been sluggish 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 each time I I think

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 Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in international payroll the less of a photo they see a lack of exposure likewise 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 organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the incorrect place the typical 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 around the world payroll and payments don’t run efficiently if they depend on the essential several processes 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 organization face when they’re paying to employees or otherwise that’s a great concern I always toss this back and state what is it what doesn’t need to be included best and what does

it require to be considered 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is definitely important but all over you look with payroll payment they resemble extremely 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 sort of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance groups work better together than ever um I’m always surprised when individuals state I’ve 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 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data 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

world we live in and wellness being a growing number of essential to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by services across the world so once again you’re just wanting to add increasingly more payments to this currently complex landscape so if you kind 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 genuine challenges or genuine difficult type of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any business has from a cost point of view from an effect perspective on workers 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 need to be done right it has the most significant detrimental impact on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve constantly been impressed entering this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m uncertain anybody on this kind of webinar has 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 an important cycle we all find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise 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 stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent primary step um offering an end-to-end payroll solution for your workers worldwide once again I believe is another big um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses and decreasing the number of tools platforms and savings account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never 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 problems where things haven’t gone rather where they’re suggested 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 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 simple as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of shot to get back to everyone so moving on look why do business pick to primary separate savings account there are Papaya Global Year End Checklist 2022 businesses out there doing exactly this for particular nations and I’ve worked in a business or numerous organizations doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we do not need to and anyone that’s managing that procedure 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 believe numerous reasons one is it’s the requirement I think people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but 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 actually embraced and continue to do over years and years gone past to contribute to that people have 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 think this is a process that requires taking a look at it requires changing but ultimately individuals are really stuck to what they recognize

with best um change is a challenging thing all of us do not like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having preserving several bank accounts but there’s a substantial amount of complexity chooses setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is huge however I believe the sincere response is change um people haven’t been able to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does posture a number of challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Year End Checklist 2022