Can I Do Papaya Global Payroll Using Papaya Global Pro 2007 FAQ – Payroll Management 2024

Over the last 5 or six years …Can I Do Papaya Global Payroll Using Papaya Global Pro 2007… roles on the company side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly 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 uninspiring and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise review a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and handling them becomes more and more complicated Worldwide organizations are seeking to find Solutions and brand-new methods to streamline processes particularly from a payroll and cross-border payment perspective lots of organizations keep separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep separate bank accounts in some cases in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies streamline the episode complex processes of

making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses 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 tough in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there’s typically a frustrating number of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or really extremely basic there’s no real consistency structure we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of a picture they see an absence of presence also extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide services have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is delivered to the incorrect place the typical cost of a global 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 efficiently if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be consisted of best and what does

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it need to be thought about 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 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 consumer’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble extremely payments no if however some infants 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 think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to kind of move on with that it likewise also to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split 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 process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of essential to add to type of the level of complexity there’s more and more advantages being organ or being offered by services across the world so once again you’re simply seeking to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real difficulties or genuine challenging sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly say that the bigger an organization 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 managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any service has from a cost viewpoint from an impact point of view on staff members it is absolutely crucial 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 destructive result on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been amazed coming into this Market sort of the last five to 10 years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only see when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally as well. For that reason, it is necessary to make sure that tasks like Wi-Fi International and other vital matters are done properly. Using the first Global Payments very first payroll payment option is a fantastic initial step towards providing a comprehensive payroll solution for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and checking account essential for international payroll are crucial factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as prepared. Eventually, we do not do it for the appreciation.

anyway we know how how important a function it is and that’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 processes and also so envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly 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 however it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and type of try to return to everybody so carrying on look why do companies select to primary separate bank accounts there are Can I Do Papaya Global Payroll Using Papaya Global Pro 2007 services out there doing precisely this for particular countries and I’ve operated in a company or many organizations doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anybody 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 many factors one is it’s the standard I believe individuals have actually got so used to we require a new checking account we open an entity and appropriately so you need 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 requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it needs changing however eventually individuals are very stuck to what they recognize

with ideal um modification is a challenging thing all of us do not like modification um so I think it’s just type 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 maintaining numerous checking account but there’s a big quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is big however I believe the truthful answer is change um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually always done it that way is no real excuse for not taking a look 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 approach does present numerous obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so

I just 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 staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Can I Do Papaya Global Payroll Using Papaya Global Pro 2007