Papaya Global Affiliate FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Affiliate… functions on the service provider side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well among 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 fascinating and I can see it going on currently 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 is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really bleak and I want 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 difficulty years of handling Worldwide payroll why business maintain separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also discuss a wrap-up which must leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and managing them ends up being increasingly more intricate International organizations are wanting to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment perspective lots of companies maintain different checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep separate bank accounts sometimes in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex procedures of

Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and find how enhancing global payroll payments can change them from a challenging job into a tactical property.

Handling payroll globally is an overwhelming job due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and services contributes to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.

Traditional payroll systems often result in manual procedures, information silos, and a lack of integration, leading to inconsistencies and ineffectiveness. In spite of residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and solutions to simplify and optimize international payroll payments.

about it to offer you an idea 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 rather frankly the more a business invests in international payroll the less of a photo they see an absence of presence likewise extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global organizations have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors badly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they count on the essential numerous processes 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 difficulties organization face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be included best and what does

it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is definitely vital however all over you look with payroll payment they are like incredibly payments no if but some infants 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 innovation is enabling us to kind of move forward with that it also as well to add to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work closer together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the

The modern-day world places a high value on wellness and the compensation landscape is ending up being significantly complex. Businesses are constantly introducing new benefits and payment options, which contributes to the general intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly advanced era, there’s no reason for preserving troublesome procedures. Payroll, the company’s biggest expenditure, need to be processed correctly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have far-reaching effects. Therefore, it’s critical to focus on precise and prompt payments.

payroll group get um so I’m not sure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the very first International Payments very first payroll payment service is a fantastic initial step um offering an end-to-end payroll option for your employees internationally once again I think is another substantial um process again lining up and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks

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 everybody that’s involved in those processes and also so think of sorry I’m just I was simply gon na state picture 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 speaking about numerous thousands possibly Millions picture 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 absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t imagine 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 appearance why do business pick to primary different bank accounts there are Papaya Global Affiliate companies out there doing precisely this for particular countries and I have actually operated in an organization or many companies doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have actually looked 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 think this is a procedure that requires looking at it requires altering but ultimately people are really stuck with what they recognize

with right um modification is a difficult thing we all do not like modification um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving multiple bank accounts however there’s a substantial quantity of intricacy chooses setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I believe the honest answer is modification um individuals have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or two there is a lot to keep track of and this approach does present numerous obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a range 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 Worldwide workers you deserve a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Affiliate