Papaya Global Card Login FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Card Login… roles on the company side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everyone another number of uh well one of 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 just to hear where everybody is um it’s nice to to sort of like see where everybody comes 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 drizzling here it’s really really gloomy and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies keep separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll likewise go over a wrap-up and that should leave his time at the very very 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 more and more common and managing them ends up being more and more intricate Global organizations are aiming to discover Solutions and new ways to improve processes especially from a payroll and cross-border payment perspective lots of companies preserve different bank account just for payroll while some have multiple accounts in different countries does it make sense for business to keep separate bank accounts in some cases in various nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex procedures of

making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they add more complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s typically a frustrating variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or very very basic there’s no real consistency framework we’re residing in an era of tech but payroll has been sluggish 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 every time I I think

about it to give 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 sleepless nights and rather frankly the more a service invests in worldwide payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of international services have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be consisted of ideal 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 timespan there’s payment abilities 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 customer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to type of move on with that it also as well to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 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 individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high value on wellness and the compensation landscape is ending up being increasingly intricate. Businesses are continuously presenting brand-new benefits and payment options, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technologically sophisticated age, there’s no justification for preserving cumbersome procedures. Payroll, the company’s biggest cost, should be processed properly and on time. Even slight delays can adversely impact employees’ well-being and have significant effects. Therefore, it’s crucial to focus on accurate and prompt payments.

payroll group get um so I’m not sure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is a terrific initial step um offering an end-to-end payroll solution for your employees worldwide again I think is another huge um process once again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and savings account they require 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks

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 procedures and likewise so imagine sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision 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 but it would definitely be an intriguing task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and kind of try to return to everybody so moving on appearance why do companies pick to primary different bank accounts there are Papaya Global Card Login companies out there doing exactly this for specific nations and I’ve operated in a service or many businesses doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we do not have to and anyone 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 believe people have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes but 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 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 many other ways um to to type of do it so I believe there’s a range I think this is a process that requires looking at it needs altering however eventually individuals are extremely stuck to what they recognize

with ideal um change is a challenging thing we all do not like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving numerous savings account but there’s a big quantity of intricacy goes with setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is huge but I believe the truthful response is change um people have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century or so there is a lot to track and this technique does position several difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so

I just did you changed 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 employees you are worthy of a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Card Login