Papaya Global Partners Manchester FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Partners Manchester… roles on the company side and likewise on the vendor 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 simply provide everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 raining here it’s very extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep separate

Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 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 worldwide in the standard payroll model there’s often an overwhelming variety of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or very extremely fundamental there’s no genuine consistency structure we’re residing in an era 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 which simply blows my mind whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global services have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re paying to employees or otherwise that’s a great concern I always toss this back and state what is it what does not need to be included right and what does

it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 right eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble extremely payments no if however 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 move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly surprised when people say I’ve 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 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more important to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by businesses across the world so once again you’re simply aiming to include 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 sure but have you got any experience in kind of genuine obstacles or genuine difficult kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an effect point of view on employees it is absolutely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful effect on individuals’s well-being and lots of other aspects if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last 5 to 10 years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. For that reason, it is essential to make sure that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the first Global Payments first payroll payment service is a fantastic initial step towards offering a thorough payroll solution for staff members worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and bank accounts needed for international payroll are key factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as prepared. Eventually, we don’t do it for the appreciation.

anyhow we know 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 everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job 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 need days of the week to attempt to browse them and actually see what was going on and type of try to get back to everyone so proceeding appearance why do companies choose to primary separate bank accounts there are Papaya Global Partners Manchester businesses out there doing precisely this for specific countries and I have actually worked in a company or lots of companies doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s handling that procedure 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 many reasons one is it’s the requirement I believe people have actually got so utilized 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 number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires altering but eventually people are extremely stuck with what they recognize

with best um modification is a challenging thing all of us do not like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping numerous savings account however there’s a substantial quantity of complexity goes with establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is huge however I think the honest answer is modification um individuals haven’t had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank 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 change but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep track of and this technique does present numerous difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Partners Manchester