Switchibg Payroll To Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Switchibg Payroll To Papaya Global… roles on the provider side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two 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 intriguing and I can see it going on already just to hear where everybody 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 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 very gloomy and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll likewise go over a recap and that must leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and managing them ends up being a growing number of intricate Global organizations are seeking to find Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment perspective lots of companies keep different savings account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve separate savings account often in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business improve the episode complex processes of

making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the large numbers they include further intricacy the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s frequently an overwhelming variety of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very extremely basic there’s no genuine consistency framework we’re residing in an age of tech but payroll has been sluggish 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 whenever I I think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international services have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be consisted of best 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 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 any place you look best eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to type of progress with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work better together than ever um I’m constantly amazed when people say 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 profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more essential to add to type of the level of complexity there’s more and more benefits being organ or being offered by companies across the world so again you’re just wanting to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or real tough sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce additional handoffs in the processes 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 a period of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from an expense point of view from an impact point of view on staff members it is definitely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental impact on people’s well-being and many other aspects if individuals aren’t paid uh I’ve always been amazed entering this Market kind of the last five to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only notice when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally also. For that reason, it is vital to ensure that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the first Global Payments very first payroll payment option is an excellent initial step towards supplying a comprehensive payroll solution for employees worldwide. Standardization, international processes, and lowering the number of tools, platforms, and checking account necessary for global payroll are crucial factors in attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as prepared. Ultimately, we don’t do it for the appreciation.

anyway we understand how how important 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 everybody that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na state envision the quantity 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 potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and kind of try to get back to everybody so proceeding look why do companies select to primary different savings account there are Switchibg Payroll To Papaya Global services out there doing precisely this for particular nations and I’ve worked in a service or many companies doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we do not have to and anyone that’s handling that procedure 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 requirement I think people have got so used to we require a brand-new savings account we open an entity and rightly 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 requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing but eventually people are really stuck with what they’re familiar

with ideal um modification is a difficult thing all of us don’t like change um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining several checking account but there’s a substantial amount of complexity opts for establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is substantial however I believe the honest answer is modification um individuals have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this method does posture several challenges um so Johnny might 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 Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Switchibg Payroll To Papaya Global