Papaya Global Set Up New Company FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Set Up New Company… roles on the provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type 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 comes from and I really 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 drizzling here it’s extremely very bleak and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies keep different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll likewise discuss a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and managing them ends up being more and more complicated Worldwide organizations are wanting to find Solutions and new methods to improve processes specifically from a payroll and cross-border payment viewpoint numerous companies maintain different bank account just for payroll while some have several accounts in different nations does it make good sense for business to maintain separate bank accounts sometimes in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies enhance the episode complex processes of

making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they add more complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s typically an overwhelming variety of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or really extremely standard there’s no genuine consistency framework we’re residing in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide companies have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the essential several procedures 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 obstacles business face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be included best and what does

it need to be considered there’s varying 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 technology is permitting us to sort of move on with that it likewise too to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance teams work more detailed 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 anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 procedure it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of essential to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by services across the world so once again you’re simply 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 make sure however have you got any experience in kind of real obstacles or genuine difficult type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger a service 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 information into the next function as it were that’s in fact handling the payment side of things however 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 extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age 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 difficult as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost point of view from an effect viewpoint on workers it is absolutely important 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 damaging impact on individuals’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been astonished entering this Market sort of the last 5 to ten years is how little thanks the

The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only notice when things fail. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally as well. Therefore, it is essential to ensure that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the very first International Payments very first payroll payment option is a great preliminary action towards offering an extensive payroll option for staff members worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and bank accounts necessary for international payroll are key consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.

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 simple as possible for everybody that’s associated with those processes and also so imagine sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and kind of try to return to everybody so proceeding appearance why do companies choose to primary different bank accounts there are Papaya Global Set Up New Company businesses out there doing exactly this for specific nations and I’ve operated in a company or numerous services doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think individuals have actually got so used to we need a brand-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 think it’s simply been the requirement and the standard the people have 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 lots of other methods um to to kind of do it so I think there’s a range I think this is a process that requires looking at it requires changing however ultimately individuals are really stuck to what they’re familiar

with right um modification is a tough thing we all do not like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining numerous checking account but there’s a big quantity of intricacy chooses setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is substantial but I think the truthful response is modification um people have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or two there is a lot to keep an eye on and this method does pose several difficulties um so Johnny might you tell us about those obstacles yeah of course 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 staff members you should have a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Set Up New Company