Papaya Global Services W2 FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Services W2… functions on the company side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately 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 interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually 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 extremely dreary and I wish I was elsewhere at this moment in time alright 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 International payroll why business maintain different

Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise offer 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 difficulty for organizations running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, find out how companies anticipate payroll costs to enhance working capital, and discover how simplifying international payroll payments can change them from a burdensome job into a tactical asset.

Managing payroll internationally is an overwhelming task due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer number of employees and businesses adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.

Standard payroll systems frequently result in manual procedures, information silos, and an absence of combination, leading to inconsistencies and ineffectiveness. Regardless of residing in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance global payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors badly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a great concern I constantly toss this back and state what is it what does not need to be included best and what does

it require 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to sort of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and finance groups work better together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more crucial to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by businesses throughout the world so again you’re just wanting to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or real challenging sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any business has from a cost perspective from an effect perspective on workers 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 have to be done right it has the greatest detrimental result on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been astonished entering into this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly 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 an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is a great primary step um supplying an end-to-end payroll option for your employees globally again I believe is another substantial um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and lowering the variety of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not 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 quite where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks

anyhow we understand how how crucial 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 everybody that’s associated with those procedures and also so think of sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing 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 held true um you ‘d require days of the week to try to browse them and really see what was going on and type of shot to return to everybody so carrying on look why do business select to main different bank accounts there are Papaya Global Services W2 companies out there doing exactly this for particular nations and I have actually operated in a service or numerous services doing exactly 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 producing additional work for any person where we do not need to and anybody that’s managing that process 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 many factors one is it’s the standard I believe individuals have actually got so used to we need a new savings account we open an entity and appropriately so you require 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 standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs altering but eventually individuals are very stuck with what they recognize

with right um modification is a difficult thing we all don’t like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having keeping numerous bank accounts however there’s a huge quantity of intricacy goes with establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is huge but I think the truthful answer is modification um people have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century approximately there is a lot to monitor and this method does position several difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so

I just recently made a modification to our Enterprise 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 acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Services W2