Papaya Global Workers Comp FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Workers Comp… roles on the provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays 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 everyone is um it’s nice to to kind of like see where everyone 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 raining here it’s very extremely dreary and I want I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies preserve different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll likewise go over a recap which should leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and handling them becomes more and more complex Worldwide organizations are looking to find Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment perspective many organizations keep different savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to keep separate savings account sometimes in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies simplify the episode complex procedures of

making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most notably regulations compliance information security and banking rules then there are the large numbers they include more complexity the worldwide 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 consider that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s frequently an overwhelming variety of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really really fundamental there’s no real consistency structure we’re residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of global services have revealed that they do not 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 lack management and system setups and then when you round it all off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the needed multiple procedures 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 obstacles service face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be consisted of right and what does

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it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 anywhere you look best ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they resemble super payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to type of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation 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 often split and cut up um eventually 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 but also paying statutory authorities and on statutory 3rd parties so with the

The modern world puts a high value on wellness and the compensation landscape is ending up being increasingly elaborate. Companies are continually presenting brand-new benefits and payment choices, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly innovative era, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s greatest expense, must be processed properly and on time. Even slight hold-ups can adversely affect workers’ well-being and have significant effects. Therefore, it’s critical to prioritize precise and timely payments.

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only discover when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally also. For that reason, it is vital to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Worldwide Payments very first payroll payment option is a fantastic initial step towards supplying a comprehensive payroll option for employees worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and checking account needed for global payroll are essential consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as planned. Eventually, we do not do it for the appreciation.

anyhow we understand how how important a role 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 processes and also so think of sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean 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 require days of the week to try to browse them and really see what was going on and kind of try to return to everybody so moving on look why do business pick to primary separate bank accounts there are Papaya Global Workers Comp businesses out there doing exactly this for particular nations and I have actually worked in an organization or many services doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for anybody where we do not have to and anybody that’s dealing with that process 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 think many factors one is it’s the requirement I think people have actually got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing but eventually individuals are very stuck with what they’re familiar

with ideal um change is a hard thing we all do not like modification um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving multiple bank accounts however there’s a huge amount of intricacy goes with establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is substantial but I think the truthful response is modification um individuals haven’t had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or so there is a lot to keep track of and this technique does present a number of challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so

I just 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 International employees you deserve a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Workers Comp