Papaya Global V29 FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global V29… roles on the service provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two 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 simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very dreary and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll also review a wrap-up and that should leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and handling them becomes more and more intricate International organizations are seeking to discover Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment perspective many companies preserve different checking account just for payroll while some have several accounts in different nations does it make good sense for business to maintain separate savings account sometimes in various countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex processes of

making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating number of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very really fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just 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 companies state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide services have revealed that they don’t 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 data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what does not require to be included ideal and what does

it need 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 time frames 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 intricacy any place you look right ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to type of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing teams work better together than ever um I’m always impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high worth on wellness and the settlement landscape is becoming increasingly elaborate. Services are continuously introducing brand-new advantages and payment choices, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technically innovative age, there’s no validation for maintaining cumbersome procedures. Payroll, the business’s biggest expenditure, must be processed correctly and on time. Even small hold-ups can negatively affect workers’ wellness and have far-reaching repercussions. Therefore, it’s important to prioritize precise and timely payments.

payroll group get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment solution is an excellent primary step um providing an end-to-end payroll solution for your staff members internationally again I believe is another big um procedure again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of businesses and reducing the variety of tools platforms and savings account they require 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 had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not think any of us are really doing that for for the thanks

anyhow we understand how how essential 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 everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and kind of shot to get back to everyone so carrying on look why do business pick to primary separate bank accounts there are Papaya Global V29 companies out there doing exactly this for particular countries and I have actually operated in an organization or lots of companies doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anyone that’s handling 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 quantity that we are I think lots of reasons one is it’s the standard I believe people have got so utilized to we need a brand-new checking account we open an entity and rightly so you require 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 norm individuals have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it requires changing but ultimately people are very stuck with what they’re familiar

with right um change is a tough thing all of us don’t like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping multiple checking account however there’s a big amount of complexity opts for establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the complexity is huge but I believe the sincere response is modification um people have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to monitor and this technique does present numerous obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so

I simply 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 Worldwide workers you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global V29