Papaya Global Version 22 Updates FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Version 22 Updates… roles on the supplier side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting 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 really 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 very extremely gloomy and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business keep separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll also go over a wrap-up which should leave his time at the really really 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 workforces end up being increasingly more typical and managing them becomes increasingly more complicated Worldwide companies are wanting to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment standpoint numerous companies maintain separate bank account just for payroll while some have several accounts in different nations does it make good sense for companies to preserve separate bank accounts often in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business enhance the episode complex processes of

Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and find how improving worldwide payroll payments can change them from a difficult job into a tactical possession.

Handling payroll internationally is a difficult job due to various regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.

Standard payroll systems frequently lead to manual processes, data silos, and a lack of integration, causing disparities and inefficiencies. Regardless of residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and options to simplify and enhance global payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a service invests in global payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can result in 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 want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the data is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need to be consisted of best and what does

it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble super payments no if however some children 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to type of move on with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more essential to add to type of the level of complexity there’s increasingly more benefits being organ or being used by organizations throughout the world so once again you’re simply looking to add increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or real difficult sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that doesn’t 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 simply make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single most significant liability that any company has from an expense point of view from an effect point of view on workers it is absolutely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest detrimental impact on individuals’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the

The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. Therefore, it is essential to ensure that tasks like Wi-Fi Global and other essential matters are done properly. Utilizing the first International Payments very first payroll payment option is an excellent initial step towards offering a detailed payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account necessary for global payroll are crucial consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the appreciation.

anyway 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 simple as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m just I was just 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 talking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t envision 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 in fact see what was going on and sort of shot to return to everyone so carrying on appearance why do business pick to primary separate checking account there are Papaya Global Version 22 Updates businesses out there doing precisely this for particular countries and I have actually worked in a business or many organizations doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and anyone 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 quantity that we are I think numerous factors one is it’s the standard I believe people have actually got so used to we require a brand-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 think it’s simply been the requirement and the standard individuals have actually adopted 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 ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs changing however eventually people are very stuck with what they recognize

with ideal um change is a difficult thing we all don’t like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having preserving several bank accounts but there’s a huge amount of intricacy chooses establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is huge but I believe the truthful answer is modification um people have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to monitor and this technique does pose a number of difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so

I simply did you changed 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 employees you deserve a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Version 22 Updates