Papaya Global Practice FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Practice… functions on the supplier side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really 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 drizzling here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain separate

Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and discover how enhancing international payroll payments can transform them from a troublesome job into a strategic property.

Handling payroll worldwide is a complicated job due to numerous guidelines, compliance requirements, information security issues, and banking rules. The sheer number of workers and companies adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.

Standard payroll systems often result in manual procedures, information silos, and a lack of combination, causing disparities and ineffectiveness. Despite living in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to supply insights and services to simplify and enhance worldwide payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service invests in international payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of global organizations have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average cost of a global information 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 efficiently if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be included right 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 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to type of move on with that it likewise also to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more important to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by companies across the world so again you’re simply seeking to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine difficult type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would certainly say that the larger a company 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 groups 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 opinion and my experience that does not always need to be the case you know long gone are the times where we need to produce additional handoffs at the same times 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 an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an effect perspective on staff members it is absolutely vital that it’s done properly and on time so what we indicate 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 harmful impact on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve always 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 correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only notice when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally also. For that reason, it is vital to ensure that tasks like Wi-Fi International and other vital matters are done correctly. Using the very first International Payments very first payroll payment solution is a fantastic initial action towards providing a thorough payroll service for staff members worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and savings account necessary for international payroll are crucial consider accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as prepared. Eventually, we do not do it for the thankfulness.

anyhow we understand 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 easy as possible for everyone that’s associated with those processes and also so picture sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and type of try to return to everyone so proceeding appearance why do companies pick to primary separate savings account there are Papaya Global Practice businesses out there doing precisely this for specific countries and I have actually worked in an organization or lots of companies doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anybody 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 amount that we are I believe lots of reasons one is it’s the standard I believe individuals have actually got so used to we require a new bank account we open an entity and rightly so you require 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 standard individuals have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it needs altering but eventually people are really stuck to what they’re familiar

with best um change is a hard thing we all do not like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping several checking account however there’s a big amount of complexity chooses establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private people so the complexity is big but I believe the truthful answer is modification um people have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we have actually always 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 know what could almost be determined to be the next Century or two there is a lot to keep track of and this method does position a number of challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Practice