Papaya Global Sap FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Sap… functions on the provider side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 very gloomy 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 taking a look at the difficulty years of managing Global payroll why companies keep separate

Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.

Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to optimize working capital, and discover how improving global payroll payments can transform them from a challenging task into a strategic possession.

Handling payroll worldwide is a difficult job due to various guidelines, compliance requirements, data security concerns, and banking rules. The large variety of workers and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.

Traditional payroll systems frequently lead to manual processes, information silos, and a lack of integration, leading to disparities and inadequacies. Despite living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and options to simplify and optimize international payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of an image they see an absence of presence also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have actually expressed 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 poor HCM information data entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they rely on the required numerous procedures systems and partners it is simply 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 workers or otherwise that’s a good question I constantly throw this back and say what is it what does not require to be included ideal and what does

it need 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like extremely 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 fundamental and technology is allowing us to type of move on with that it likewise also to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely important that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of important to contribute to kind of the level of intricacy there’s more and more advantages being organ or being offered by businesses throughout the world so once again you’re just aiming 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’m sure but have you got any experience in kind of genuine obstacles or genuine challenging sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any company has from an expense point of view from an impact viewpoint on employees it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging result on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually constantly been astonished coming into this Market kind of the last 5 to 10 years is how little thanks the

The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only discover when things go wrong. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally also. For that reason, it is important to make sure that jobs like Wi-Fi International and other important matters are done properly. Using the very first International Payments first payroll payment solution is a fantastic preliminary step towards offering a thorough payroll option for workers worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and checking account required for global payroll are crucial factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.

anyway we understand how how important 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 involved in those processes and likewise so imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting to clean up all those up for sure oh absolutely 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 really see what was going on and kind of try to return to everybody so proceeding appearance why do business choose to main different bank accounts there are Papaya Global Sap organizations out there doing exactly this for specific nations and I’ve worked in an organization or numerous organizations doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for any person where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe people have actually got so utilized to we need a new bank account we open an entity and appropriately 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 norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs changing but eventually people are extremely stuck to what they’re familiar

with best um modification is a difficult thing all of us don’t like change um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving several savings account however there’s a big amount of complexity opts for establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is big but I believe the honest response is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to keep track of and this technique does pose several challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Sap