Papaya Global Ytd FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Ytd… roles on the provider side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another couple 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 quite fascinating 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 remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really dreary and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate

Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include more complexity the global Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating number of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or extremely really fundamental there’s no genuine consistency structure we’re residing in an era of tech but 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 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 only 11 of companies say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance incidents 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 processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t require to be included best and what does

it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they are like very 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 recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work closer together than ever um I’m always surprised when individuals say I have actually split 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 estimation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more essential to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being used by businesses across the world so again you’re just wanting to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or genuine challenging sort of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an impact point of view on employees it is definitely crucial that it’s done correctly and on time so what we suggest 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 destructive result on people’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been amazed coming into this Market sort of the last five to 10 years is how little thanks the

payroll team get um so I’m uncertain anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but 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 also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment service is an excellent first step um offering an end-to-end payroll option for your employees worldwide again I believe is another substantial um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of companies and lowering the number of tools platforms and savings account they require for their Worldwide payroll too could not 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 thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks

anyway we know how how important 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 simple as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and kind of try to return to everyone so moving on appearance why do business choose to primary different savings account there are Papaya Global Ytd businesses out there doing precisely this for particular countries and I have actually operated in a business or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it needs changing but eventually individuals are extremely stuck with what they’re familiar

with best um change is a difficult thing all of us do not 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 lot of track of stuff um I comprehend certainly the benefits of having keeping several bank accounts however there’s a huge amount of complexity goes with setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is huge however I think the truthful response is modification um people have not been able to change or have not had always the knowledge to really make that change into alternate Solutions other than 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 but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this technique does present several obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so

I just 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 International workers you should have a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Ytd