Open Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Open Papaya Global… roles on the company side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly 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 extremely extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies maintain separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up which ought to leave his time at the extremely extremely 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 International workforces become increasingly more typical and handling them becomes increasingly more complicated Global organizations are wanting to find Solutions and new methods to improve procedures specifically from a payroll and cross-border payment perspective lots of organizations preserve separate savings account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve different savings account sometimes in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex procedures of

Making sure precise, efficient, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to optimize working capital, and find how improving international payroll payments can transform them from a burdensome job into a strategic property.

Managing payroll internationally is a challenging job due to various guidelines, compliance requirements, information security concerns, and banking rules. The large number of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems typically lead to manual processes, information silos, and an absence of integration, resulting in disparities and ineffectiveness. Regardless of residing in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and options to streamline and enhance worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of international businesses have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the incorrect 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 money around the world payroll and payments do not run smoothly if they rely on the necessary several 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 employees or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be consisted of ideal and what does

it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you have 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 right eventually building a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to type of move on with that it also 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 absolutely essential that payroll and financing teams work closer together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more crucial to add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by businesses across the world so once again you’re just wanting to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or real challenging kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we run 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 tough as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from a cost viewpoint from an impact point of view on employees it is absolutely crucial that it’s done correctly and on time so what we indicate 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 detrimental result on people’s well-being and numerous other aspects if people aren’t paid uh I have actually always been impressed entering into this Market kind of the last five to 10 years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only notice when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally also. For that reason, it is essential to guarantee that tasks like Wi-Fi Global and other important matters are done properly. Using the first Global Payments very first payroll payment option is a great initial step towards providing a comprehensive payroll solution for employees worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts necessary for worldwide payroll are essential consider achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things do not go as planned. Ultimately, we do not do it for the gratitude.

anyhow we understand how how important 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everyone so carrying on look why do business choose to main different savings account there are Open Papaya Global companies out there doing exactly this for particular countries and I’ve operated in a business or lots of businesses doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and anyone that’s dealing with 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 quantity that we are I believe lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we need a new bank account we open an entity and rightly so you need 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 passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing but eventually people are very stuck to what they’re familiar

with ideal um change is a tough thing we all don’t like modification 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 lot of track of things um I comprehend undoubtedly the benefits of having maintaining numerous bank accounts but there’s a big quantity of intricacy goes with establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is huge however I think the truthful response is change um individuals haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep an eye on and this technique does pose several difficulties um so Johnny might you inform us about those obstacles yeah naturally 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Open Papaya Global