Papaya Global Tupe FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Tupe… functions on the company side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds approximately to join we all 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 currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really 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 very very uninspiring and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll likewise go over a recap and that ought to leave his time at the really 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 Worldwide workforces become increasingly more typical and managing them becomes more and more intricate Global companies are wanting to discover Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment perspective many companies keep separate checking account just for payroll while some have several accounts in various nations does it make good sense for companies to keep separate bank accounts sometimes in different countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business enhance the episode complex procedures of

Ensuring precise, efficient, and prompt payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to optimize working capital, and find how simplifying global payroll payments can change them from a challenging job into a tactical possession.

Handling payroll worldwide is an overwhelming job due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and companies adds to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems frequently result in manual procedures, data silos, and an absence of integration, causing disparities and inadequacies. Despite living in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and services to simplify and enhance global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service invests in worldwide payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of international services 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 mistakes are due to time reporting bad HCM data information entry errors badly communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the essential numerous 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 concern I always throw this back and say what is it what doesn’t require to be consisted of right 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 have to pay from the customer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m constantly amazed 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 operate 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high value on well-being and the compensation landscape is ending up being progressively detailed. Services are constantly introducing new benefits and payment choices, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not need to hold true. In today’s highly sophisticated period, there’s no reason for preserving troublesome procedures. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even slight delays can negatively impact employees’ well-being and have significant effects. For that reason, it’s crucial to prioritize accurate and prompt payments.

payroll group get um so I’m not exactly sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s just 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 crucial that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment option is an excellent primary step um providing an end-to-end payroll service for your employees globally again I believe is another substantial um process again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of services and reducing the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not 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

anyhow we understand how how crucial 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 easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m simply I was just 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’m sure we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean up 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 attempt to browse them and actually see what was going on and kind of shot to return to everyone so moving on appearance why do business pick to main separate checking account there are Papaya Global Tupe services out there doing precisely this for particular nations and I’ve worked in a company or many organizations doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for any person where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new bank 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 the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs changing however ultimately people are extremely stuck with what they recognize

with right um modification is a tough thing all of us don’t like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having preserving several checking account however there’s a substantial amount of intricacy goes with establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is big however I think the sincere response is modification um individuals have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or so there is a lot to monitor and this method does position numerous difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so

I simply did you changed our Business 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 Worldwide employees you should have a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Tupe