Papaya Global Enquiries FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Enquiries… roles on the company side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or two 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 currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 raining here it’s very really dreary and I wish I was somewhere else 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 challenge years of managing International payroll why business keep different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also review a recap and that ought to leave his time at the very really 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 Worldwide labor forces end up being more and more common and handling them becomes increasingly more complex International organizations are aiming to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment perspective numerous organizations keep different bank account just for payroll while some have several accounts in various nations does it make good sense for companies to keep separate savings account in some cases in various countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business streamline the episode complex processes of

making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add further intricacy the worldwide Labor force is presently three and a half billion individuals 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 factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s typically an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or very really basic there’s no real consistency framework we’re living 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 and that just blows my mind every time I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on global payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors improperly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and say what is it what does not need to be included ideal and what does

it need to be considered there’s varying 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 customer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you 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 essential and innovation is enabling us to sort of move forward with that it also too to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the

The contemporary world places a high worth on wellness and the settlement landscape is becoming increasingly complex. Companies are continually presenting brand-new advantages and payment choices, which adds to the total complexity. Big corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today’s technically advanced age, there’s no justification for maintaining troublesome procedures. Payroll, the business’s most significant expenditure, need to be processed correctly and on time. Even minor hold-ups can negatively impact employees’ wellness and have far-reaching consequences. For that reason, it’s crucial to prioritize accurate and timely payments.

payroll group get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is a terrific initial step um providing an end-to-end payroll service for your employees worldwide again I believe is another big um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and lowering the variety of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of 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 quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks

anyhow we understand how how essential 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 everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean up 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 browse them and really see what was going on and type of try to return to everyone so proceeding appearance why do business select to primary different savings account there are Papaya Global Enquiries services out there doing precisely this for particular countries and I’ve worked in a company or lots of businesses doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I think this is a process that requires looking at it needs altering but eventually people are extremely stuck with what they’re familiar

with best um change is a tough thing we all do not like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping multiple checking account but there’s a substantial amount of intricacy chooses setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual people so the complexity is huge however I think the honest response is modification um people haven’t been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep an eye on and this approach does position a number of challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Enquiries