Papaya Global The Data You Have Chosen FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global The Data You Have Chosen… roles on the supplier side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise review a recap which needs to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and handling them becomes more and more intricate Worldwide companies are seeking to discover Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of companies keep separate savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to keep different bank accounts sometimes in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex procedures of

Making sure precise, effective, and prompt payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to enhance working capital, and find how enhancing international payroll payments can change them from a burdensome task into a strategic possession.

Managing payroll globally is a daunting task due to various regulations, compliance requirements, data security issues, and banking rules. The sheer variety of employees and companies contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.

Conventional payroll systems often result in manual processes, data silos, and a lack of combination, leading to disparities and inadequacies. Regardless of residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and services to streamline and optimize worldwide payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization spends on international payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the needed multiple procedures 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 obstacles organization face when they’re making payments to workers or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be included ideal and what does

it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 enabling us to kind of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing teams work better together than ever um I’m always surprised when individuals say I’ve 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 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 often split and cut up um ultimately 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 3rd parties so with the

world we reside in and well-being being increasingly more important to add to kind of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so again you’re just looking to include a growing number of 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 however have you got any experience in kind of real challenges or real challenging type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job 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 viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate in they simply make them more prompt 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 hard as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any company has from a cost viewpoint from an impact point of view on workers it is absolutely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful effect on people’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been surprised entering this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent initial step um supplying an end-to-end payroll option for your staff members worldwide again I think is another substantial um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of companies and minimizing the number of tools platforms and savings account they need for their International 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 don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks

anyhow we understand 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 everyone that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of try to get back to everybody so carrying on appearance why do business select to main different checking account there are Papaya Global The Data You Have Chosen businesses out there doing exactly this for specific countries and I have actually operated in an organization or lots of companies doing exactly that I can state it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I think individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering however eventually individuals are really stuck to what they’re familiar

with ideal um modification is a challenging thing all of us don’t like change um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having maintaining several savings account however there’s a big quantity of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the complexity is big but I believe the sincere answer is change um people haven’t been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century approximately there is a lot to track and this method does posture several 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 change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global The Data You Have Chosen