Aat Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …Aat Papaya Global… roles on the provider side and likewise on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business keep separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up which ought to leave his time at the very very 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 Worldwide labor forces become increasingly more common and handling them becomes a growing number of intricate Worldwide organizations are aiming to find Solutions and new ways to simplify procedures especially from a payroll and cross-border payment viewpoint many companies keep separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate savings account in some cases in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business enhance the episode complex procedures of

making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they include further complexity the global Workforce is presently three and a half billion individuals by 2030 it’s estimated 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 factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll model there’s typically an overwhelming number of different systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely really standard there’s no genuine consistency structure we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I believe

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of international companies have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the data is shipped 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 need to move the cash around the globe payroll and payments do not run efficiently if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and state what is it what does not need 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 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 intricacy anywhere you look ideal eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation 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 procedure it’s the point of information collection all the way through to paying individuals any place 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 sort of the level of complexity there’s increasingly more benefits being organ or being offered by businesses across the world so once again you’re simply aiming to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine difficult type of pay utilizes 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 larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era 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 tough as it needs to be concurred and rightly as you said payroll is the single most significant liability that any service has from an expense perspective from an impact perspective on staff members it is absolutely vital 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 greatest detrimental effect on people’s well-being and numerous other elements if people aren’t paid uh I’ve always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only see when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally also. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Global Payments first payroll payment option is an excellent initial step towards supplying a comprehensive payroll service for workers worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and bank accounts necessary for global payroll are essential factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Ultimately, we don’t do it for the gratitude.

anyhow we understand how how crucial 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 involved in those procedures and also so imagine sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task 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 need days of the week to try to check out them and in fact see what was going on and sort of shot to get back to everybody so carrying on appearance why do business choose to main different bank accounts there are Aat Papaya Global services out there doing exactly this for specific countries and I have actually worked in a business or many businesses doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe 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 got so used to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it requires changing however ultimately individuals are extremely stuck to what they’re familiar

with ideal um change is a difficult thing all of us do not like modification um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving several savings account but there’s a big quantity of complexity opts for establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is big however I think the sincere response is modification um people haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a savings account I think 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’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does position numerous difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

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