Papaya Global Services Online FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Services Online… functions on the company side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or so 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 currently just to hear where everyone 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 definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve different

Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can transform them from a difficult job into a strategic asset.

Handling payroll internationally is a difficult job due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and services contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.

Traditional payroll systems frequently result in manual procedures, information silos, and a lack of integration, causing disparities and inefficiencies. In spite of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to offer insights and solutions to simplify and enhance international payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a service invests in global payroll the less of a photo they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of international companies 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 mistakes are due to time reporting poor HCM information information entry errors badly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical cost 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 efficiently if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be included best and what does

it require to be thought about there’s differing 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble very payments no if but 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 acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to kind of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance teams work better together than ever um I’m always amazed when people state 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 divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately 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 well-being being increasingly more crucial to add to type of the level of complexity there’s increasingly more benefits being organ or being used by businesses throughout the world so again you’re simply wanting to include more and more payments to this currently complex landscape so if you type 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 tough kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era 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 hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any company has from an expense point of view from an effect viewpoint on workers it is absolutely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging impact on individuals’s wellness and lots of other aspects if people aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last five to 10 years is how little thanks the

payroll team get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll option for your workers globally again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of services and minimizing the variety 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks

anyway 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 everybody that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean 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 need days of the week to attempt to check out them and actually see what was going on and sort of try to get back to everybody so moving on appearance why do companies select to primary different checking account there are Papaya Global Services Online companies out there doing precisely this for specific countries and I have actually operated in an organization or many services doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not developing additional work for any person where we do not have to and anybody that’s handling 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 quantity that we are I believe numerous reasons one is it’s the requirement I think individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs changing however ultimately individuals are really stuck to what they’re familiar

with ideal um change is a hard thing all of us don’t like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping numerous bank accounts however there’s a big amount of intricacy goes with establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is big however I think the honest answer is change um people haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or two there is a lot to keep track of and this technique does posture several difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Services Online