Furloughed Workers Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Furloughed Workers Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays 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 kind of like see where everyone comes from and I actually 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 really extremely dreary and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a wrap-up which ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and handling them ends up being increasingly more complex Worldwide organizations are seeking to discover Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint many organizations keep separate savings account just for payroll while some have multiple accounts in different countries does it make sense for business to keep separate checking account often in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies improve the episode complex procedures of

making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most significantly policies compliance information security and banking rules then there are the sheer numbers they add additional complexity the global Labor force is presently 3 and a half billion individuals 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 factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s typically an overwhelming variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or really very standard there’s no real consistency structure we’re living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and say what is it what does not need to be consisted of ideal 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 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like super payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing us to kind of move on with that it also as well to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly astonished when people state I’ve 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 divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high worth on wellness and the compensation landscape is ending up being increasingly elaborate. Organizations are continually presenting brand-new advantages and payment alternatives, which contributes to the general intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly innovative era, there’s no reason for preserving cumbersome procedures. Payroll, the company’s biggest expenditure, should be processed correctly and on time. Even small hold-ups can negatively affect employees’ wellness and have significant consequences. For that reason, it’s vital to focus on precise and timely payments.

payroll team get um so I’m not sure anyone on this sort of webinar has been informed 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 employees or not um but eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment option is a fantastic first step um supplying an end-to-end payroll option for your employees worldwide again I think is another huge um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they need for their International 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks

anyhow we know how how important 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 simple as possible for everybody that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of try to return to everybody so moving on look why do companies choose to primary different checking account there are Furloughed Workers Papaya Global companies out there doing exactly this for specific countries and I have actually operated in a company or many organizations doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and anybody that’s managing 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 believe numerous factors one is it’s the standard I think people have actually got so used to we need a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually 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 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 taking a look at it needs changing but eventually individuals are really stuck with what they’re familiar

with ideal um modification is a tough thing we all don’t like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping numerous checking account but there’s a big quantity of intricacy chooses setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is substantial but I think the honest answer is change um individuals have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep track of and this method does present several obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a variety 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 International workers you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Furloughed Workers Papaya Global