Papaya Global Office Folkestone Middelburg FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Office Folkestone Middelburg… roles on the company side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll likewise go over a recap which should leave his time at the really extremely 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 International labor forces become more and more typical and managing them ends up being a growing number of intricate Global companies are looking to discover Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint numerous organizations maintain separate savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve separate checking account often in various countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies simplify the episode complex processes of

making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they add additional intricacy the worldwide Labor force is presently 3 and a half billion people by 2030 it’s estimated 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 organizations and growing all doing their own thing around the globe in the conventional payroll design there’s frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very very standard there’s no genuine consistency framework we’re residing in an era of tech however 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 companies state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on global payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of international services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the needed numerous 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 business face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does

it need to be thought of 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 intricacy any place you look best ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of progress with that it also too to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely imperative that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market 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 information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more crucial to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by companies throughout the world so once again you’re just aiming to add more and 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’m sure however have you got any experience in kind of real obstacles or genuine challenging sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly say that the larger 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 in fact managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run 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 age of tech and a period that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from an expense viewpoint from an impact point of view on staff members it is definitely vital 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 greatest harmful effect on individuals’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the

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 properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think 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 things is definitely vital that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment solution is an excellent primary step um providing an end-to-end payroll service for your staff members globally once again I think is another huge um procedure again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of companies and reducing the number of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate 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 rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks

anyhow we know 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 easy as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and type of shot to return to everybody so carrying on look why do companies select to primary different checking account there are Papaya Global Office Folkestone Middelburg businesses out there doing precisely this for specific countries and I have actually worked in a company or numerous companies doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not need to and any person 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 quantity that we are I think numerous factors one is it’s the standard I think individuals have actually got so used to we require a brand-new savings 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 just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs looking at it needs changing but eventually people are really stuck with what they recognize

with right um change is a challenging thing all of us do not like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having keeping multiple savings account but there’s a huge quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is substantial but I think the sincere response is change um individuals haven’t had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to monitor and this method does pose several obstacles um so Johnny could you tell us about those obstacles 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 workers you are worthy of a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Office Folkestone Middelburg