Papaya Global 25.01 181 FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global 25.01 181… functions on the service provider side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle 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 using virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll likewise review a recap which should leave his time at the extremely 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 typical and handling them ends up being a growing number of complex International companies are seeking to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment standpoint many organizations maintain separate savings account just for payroll while some have numerous accounts in different countries does it make sense for companies to keep separate savings account often in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business streamline the episode complex procedures of

making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession 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 complicated for a range of reasons most significantly guidelines compliance information security and banking rules then there are the sheer numbers they add further complexity the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll model there’s typically an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely really fundamental there’s no real consistency structure we’re residing in an age of tech however payroll has been slow 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 every time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of international businesses have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they depend 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 needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be included best and what does

it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely important but everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to kind of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance groups work more detailed together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market 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 information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more crucial to add to kind of the level of complexity there’s increasingly more advantages being organ or being provided by organizations across the world so once again you’re just wanting to include increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason why 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 service has from an expense viewpoint from an effect viewpoint on workers it is absolutely critical 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 have to be done right it has the greatest destructive effect on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve always been astonished entering this Market kind of the last 5 to ten years is how little thanks the

The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only observe when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally as well. Therefore, it is vital to guarantee that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the first International Payments first payroll payment service is a great initial step towards providing an extensive payroll option for staff members worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and bank accounts needed for international payroll are essential factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as prepared. Eventually, we don’t do it for the appreciation.

anyway we understand how how crucial a role 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 everyone that’s involved in those processes and also so envision sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean 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 need days of the week to try to browse them and actually see what was going on and kind of shot to return to everybody so carrying on look why do companies choose to main separate bank accounts there are Papaya Global 25.01 181 services out there doing precisely this for particular countries and I’ve operated in a service or many businesses doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately 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 simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires altering however ultimately individuals are very stuck with what they recognize

with best um change is a tough thing all of us do not like modification um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping several bank accounts but there’s a substantial quantity of complexity opts for establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is big however I think the truthful answer is modification um individuals haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we have actually 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 understand what might nearly be identified to be the next Century or two there is a lot to keep track of and this method does posture numerous difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety 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 Worldwide employees 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 Papaya Global 25.01 181