Papaya Global Year End Guide 2020 FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Year End Guide 2020… functions on the provider side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 dreary and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies keep different

Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about 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 safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they add more complexity the international Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll model there’s typically a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or really very standard there’s no genuine consistency structure we’re residing in an era of tech however payroll has actually 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 simply blows my mind whenever I I believe

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see an absence of presence also encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global companies have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes badly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be consisted of best and what does

it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 wherever you look ideal eventually building a knowledge base is definitely important but everywhere you look with payroll payment they are like very payments no if however some children 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to sort of progress with that it also too to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being provided by businesses throughout the world so again you’re just wanting to add more and 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 however have you got any experience in kind of genuine challenges or genuine tough sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams 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 does not always need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from a cost perspective from an effect point of view on staff members it is absolutely important that it’s done properly and on time so what we imply 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 harmful result on people’s wellness and many other factors if individuals aren’t paid uh I have actually always been impressed entering this Market sort of the last five to ten years is how little thanks the

payroll group get um so I’m not sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us find out about it when it fails everyone 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 deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is an excellent initial step um supplying an end-to-end payroll service for your staff members internationally once again I think is another substantial um process again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and checking account they require for their Worldwide 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 ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we understand how how essential 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 think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of try to get back to everybody so carrying on look why do companies select to main separate checking account there are Papaya Global Year End Guide 2020 organizations out there doing exactly this for particular countries and I have actually operated in a company or many companies 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 producing additional work for any person where we don’t have to and anyone that’s managing 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 quantity that we are I believe many factors one is it’s the requirement I believe people have actually got so utilized to we need a brand-new checking 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 just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a process that requires looking at it requires changing however ultimately individuals are extremely stuck to what they recognize

with right um modification is a tough thing all of us don’t like modification um so I think it’s just type 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 advantages of having keeping numerous checking account but there’s a substantial quantity of complexity chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is big however I think the honest answer is change um individuals have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or two there is a lot to keep track of and this approach does present several obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so

I simply did you switched our Business 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 Worldwide workers you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Year End Guide 2020