Papaya Global Plugin FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Plugin… functions on the company side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really dreary and I want I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and handling them becomes increasingly more complicated Global organizations are seeking to find Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment standpoint numerous organizations preserve different checking account just for payroll while some have several accounts in various countries does it make good sense for business to maintain separate savings account often in different nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies improve the episode complex processes of

making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the worldwide 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 Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they add further intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s often a frustrating number of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or very extremely standard there’s no real consistency structure we’re living in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every 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 businesses say they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in international payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of global services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is shipped to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be included best and what does

it require to be considered 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to type of move forward with that it also also to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely vital that payroll and finance groups work more detailed together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more important to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations throughout the world so again you’re simply wanting to add more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or real difficult type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you know 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 need to produce additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from a cost point of view from an impact perspective on workers it is definitely important that it’s done correctly and on time so what we imply 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 damaging impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been amazed entering this Market sort of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll correctly 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 a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the first International Payments very first payroll payment option is a terrific initial step um supplying an end-to-end payroll solution for your employees globally again I believe is another big um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of services and lowering the variety of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks

anyway we know how how essential a function it is which’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 associated with those processes and likewise so picture sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of 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 think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everyone so moving on appearance why do business choose to primary separate savings account there are Papaya Global Plugin businesses out there doing exactly this for specific nations and I’ve operated in a service or many companies doing exactly that I can say it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we don’t need to and anybody 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 quantity that we are I think lots of factors one is it’s the requirement I think individuals have actually got so used to we need a new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I believe this is a process that needs taking a look at it requires changing but ultimately people are very stuck with what they recognize

with right um modification is a difficult thing we all do not like modification um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining several savings account but there’s a big quantity of intricacy opts for setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is huge but I believe the truthful response is modification um people have not had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I think 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 always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or two there is a lot to track and this method does posture a number of difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Plugin