Papaya Global Login In FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Login In… roles on the supplier side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everybody 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 interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll also review a recap and that must leave his time at the really very 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 Worldwide workforces become a growing number of common and handling them becomes increasingly more complicated Global companies are aiming to find Solutions and new ways to improve processes specifically from a payroll and cross-border payment viewpoint lots of companies keep different bank account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain different savings account in some cases in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business simplify the episode complex processes of

making payroll payments properly effectively firmly and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most importantly regulations compliance data security and banking rules then there are the large numbers they include further intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there’s often a frustrating number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely really standard there’s no real consistency framework we’re residing in an age 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 frequently with pen and paper and that simply blows my mind whenever I I believe

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 data in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of an image they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors inadequately communicated hires and terminations along with absence management and system setups and after that when you round everything off and the information is shipped to the wrong place the average cost 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 globe payroll and payments don’t run efficiently if they count on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included best 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 nation 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 consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble super payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to kind of move on with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work closer together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 typically 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 anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of essential to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses across the world so once again you’re just wanting to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or real challenging type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single most significant liability that any company has from a cost viewpoint from an effect point of view on workers it is definitely crucial that it’s done properly and on time so what we suggest 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 destructive result on people’s well-being and numerous other elements if people aren’t paid uh I’ve always been surprised coming into this Market kind of the last five to ten 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 great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just notice when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. Therefore, it is necessary to make sure that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the first International Payments very first payroll payment service is an excellent initial action towards offering a thorough payroll option for employees worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and checking account needed for international payroll are essential consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things do not go as prepared. Ultimately, we do not do it for the appreciation.

anyway we understand how how crucial a function 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 simply I was simply gon na say picture 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 talking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean 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 actually see what was going on and type of try to get back to everybody so moving on appearance why do business select to primary different checking account there are Papaya Global Login In businesses out there doing exactly this for particular countries and I have actually worked in a service or many businesses doing precisely that I can state it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we don’t have to and anyone that’s managing 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 quantity that we are I believe lots of factors one is it’s the standard I believe people have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires changing however eventually people are really stuck to what they’re familiar

with ideal um modification is a difficult thing we all do not like change um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining numerous bank accounts however there’s a substantial amount of intricacy chooses establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial but I think the honest answer is change um people have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does position a number of obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so

I simply did you changed our Enterprise 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 International employees you deserve a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Login In