Papaya Global Distant Learning FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Distant Learning… roles on the provider side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two 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 intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly 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 drizzling here it’s really really gloomy and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll also discuss a recap and that should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and handling them ends up being a growing number of complex Worldwide companies are aiming to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment perspective numerous organizations preserve separate savings account just for payroll while some have numerous accounts in different nations does it make sense for business to keep separate savings account sometimes in different countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex procedures of

making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they add additional complexity the international Workforce is presently 3 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 presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll design there’s frequently an overwhelming number of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or really very standard there’s no genuine consistency framework we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international organizations have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors badly interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is delivered to the wrong location the average 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 worldwide payroll and payments do not run smoothly if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be included best and what does

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 time frames 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 client’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to sort of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more essential to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by companies across the world so once again you’re just seeking to include more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost point of view from an impact viewpoint on workers it is absolutely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive impact on people’s well-being and numerous other factors if people aren’t paid uh I’ve always been surprised entering this Market sort of the last five to 10 years is how little thanks the

The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only see 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 necessary to ensure that jobs like Wi-Fi International and other essential matters are done properly. Utilizing the very first International Payments first payroll payment solution is a terrific preliminary action towards supplying a detailed payroll option for workers worldwide. Standardization, global processes, and lowering the number of tools, platforms, and checking account required for international payroll are essential consider achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances 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 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 simple as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and sort of try to get back to everybody so moving on look why do companies pick to main separate checking account there are Papaya Global Distant Learning services out there doing precisely this for specific countries and I’ve worked in a company or many services doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not have to and anybody 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 amount that we are I believe numerous reasons one is it’s the requirement I believe people have got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think 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 people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing however eventually people are really stuck with what they’re familiar

with best um change is a tough thing we all don’t like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping multiple bank accounts however there’s a huge amount of complexity goes with setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is substantial but I think the sincere answer is modification um individuals haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this method does posture numerous difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so

I simply did you switched 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 Global workers you are worthy of a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Distant Learning