Training Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Training Papaya Global… functions on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll likewise discuss a recap and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of typical and handling them ends up being more and more intricate Worldwide organizations are wanting to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment viewpoint numerous organizations keep different savings account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve separate checking account often in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business simplify the episode complex processes of

Making sure accurate, effective, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to optimize working capital, and discover how enhancing global payroll payments can transform them from a challenging job into a tactical asset.

Managing payroll internationally is a complicated task due to numerous regulations, compliance requirements, data security issues, and banking rules. The sheer variety of employees and companies adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Standard payroll systems often result in manual processes, data silos, and an absence of combination, causing disparities and inefficiencies. In spite of living in an age of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and options to simplify and optimize global payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business spends on international payroll the less of an image they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global businesses have actually revealed 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 poor HCM data information entry errors inadequately communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the data is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a good question I always toss this back and say what is it what does not need to be consisted of right and what does

it require to be thought of 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 any place you look ideal ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble very 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 recognition that payroll payments are definitely essential and technology is allowing us to sort of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and finance groups work more detailed together than ever um I’m always astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 frequently 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being increasingly more important to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being offered by organizations throughout the world so once again you’re just wanting to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or genuine difficult sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any company has from a cost viewpoint from an impact point of view on staff members it is absolutely important 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 damaging result on people’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last five to 10 years is how little thanks the

payroll team get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a terrific initial step um supplying an end-to-end payroll solution for your staff members worldwide again I think is another big um process again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of businesses and reducing the number of tools platforms and bank accounts they require for their Worldwide 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 countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks

anyhow we understand how how essential 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 processes and likewise so envision sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can’t imagine 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 actually see what was going on and type of try to get back to everyone so moving on look why do business select to main different savings account there are Training Papaya Global companies out there doing exactly this for specific countries and I’ve worked in a business or lots of organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s managing 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 many reasons one is it’s the requirement I believe individuals have got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think 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 numerous other ways um to to kind of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires altering but eventually people are really stuck to what they recognize

with ideal um change is a tough thing we all do not like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having preserving numerous checking account however there’s a substantial amount of intricacy goes with establishing a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is big however I believe the honest answer is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to truly 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 looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or so there is a lot to monitor and this approach does pose numerous difficulties 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 change to our Enterprise 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 acquired another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Training Papaya Global