Papaya Global Manager International Postcode FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Manager International Postcode… roles on the supplier side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well among 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 currently just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very gloomy and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business maintain different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll likewise review a recap and that must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and handling them ends up being more and more complicated Worldwide organizations are looking to find Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment viewpoint many companies preserve separate savings account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep different checking account often in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies enhance the episode complex procedures of

making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most notably policies compliance data security and banking rules then there are the sheer numbers they add further complexity the global Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals 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 around the world in the traditional payroll model there’s typically a frustrating variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely extremely basic there’s no genuine consistency structure we’re residing in a period 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 frequently with pen and paper which simply blows my mind every time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of international services have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors badly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they count 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 company face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does

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it require to be thought of there’s differing Bank information 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to kind of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work better together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of crucial to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being used by organizations across the world so again you’re simply looking to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from a cost perspective from an impact point of view on employees it is definitely important that it’s done correctly 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 destructive effect on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the

The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only see when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally also. For that reason, it is important to make sure that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the first International Payments first payroll payment solution is a great initial action towards offering a comprehensive payroll option for staff members worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and savings account needed for global payroll are key factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as planned. Ultimately, we do not do it for the thankfulness.

anyhow we know how how crucial 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 easy as possible for everybody that’s associated with those procedures and also so imagine sorry I’m simply 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 discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh definitely 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 check out them and actually see what was going on and kind of shot to return to everyone so carrying on look why do companies choose to main different savings account there are Papaya Global Manager International Postcode services out there doing precisely this for specific nations and I have actually operated in an organization or many businesses doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and any person 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 amount that we are I believe lots of factors one is it’s the standard I believe individuals have actually 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 number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually 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 lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering but eventually 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 simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining multiple savings account but there’s a big amount of intricacy chooses establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is huge but I believe the honest response is change um people haven’t been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to track and this approach does present several challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so

I simply did you changed 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 Global staff members you deserve a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Manager International Postcode