Papaya Global Back Pay FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Back Pay… functions on the service provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a recap and that ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and managing them becomes increasingly more intricate International companies are wanting to find Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment viewpoint many companies maintain separate checking account just for payroll while some have several accounts in various nations does it make good sense for companies to keep different savings account often in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies streamline the episode complex procedures of

making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional complexity the global Labor force 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 currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll model there’s frequently a frustrating number of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely very fundamental there’s no genuine consistency framework we’re residing in a period 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 typically with pen and paper which just 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 organizations state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of international companies have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors improperly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the data is shipped to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the essential 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 difficulties company face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be included best and what does

it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 any place you look best eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to kind of move forward with that it also also to contribute to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 process it’s the point of data collection all the way through to paying people anywhere 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 essential to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being used by companies throughout the world so once again you’re just aiming to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an impact perspective on workers it is absolutely crucial 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 have to be done right it has the most significant detrimental result on people’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been astonished coming into this Market type of the last five to 10 years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. For that reason, it is vital to make sure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the very first Global Payments first payroll payment service is a fantastic preliminary action towards supplying an extensive payroll service for staff members worldwide. Standardization, international processes, and lowering the number of tools, platforms, and savings account required for international payroll are essential factors in accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.

anyway we understand how how crucial 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 everyone that’s associated with those processes 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 people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and sort of shot to get back to everybody so carrying on appearance why do business pick to main different bank accounts there are Papaya Global Back Pay organizations out there doing exactly this for specific countries and I have actually operated in an organization or many companies doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we don’t have to and any person that’s dealing with 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 many reasons one is it’s the requirement I believe people have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs changing but ultimately individuals are very stuck to what they recognize

with best um modification is a hard thing we all don’t like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping multiple checking account however there’s a substantial amount of intricacy opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is huge but I believe the honest answer is change um people have not been able to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century approximately there is a lot to monitor and this method does position numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so

I simply did you switched our Enterprise 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 Global workers you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Back Pay