Papaya Global 50 For 50 Employees Cost FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global 50 For 50 Employees Cost… roles on the service provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days 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 everyone 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 remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very bleak and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also review a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and handling them ends up being more and more complicated Global companies are wanting to discover Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment standpoint lots of companies maintain separate bank account just for payroll while some have several accounts in different countries does it make good sense for companies to preserve different savings account often in different countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business improve the episode complex processes of

making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance information security and banking rules then there are the large numbers they include further complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll design there’s frequently an overwhelming variety of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely very fundamental there’s no real consistency structure we’re residing in an era 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 each 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 companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in 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 procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes poorly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they count on the essential numerous 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 difficulties company face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and say what is it what does not require to be included ideal and what does

it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 kind of move on with that it also also to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely essential that payroll and finance groups work better together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 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 individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of crucial to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being used by businesses across the world so once again you’re simply seeking to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real difficulties or real challenging sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would definitely state that the larger an organization 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 teams feeding details 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 know long gone are the times where we need to create extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an impact point of view on staff members it is absolutely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive effect on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually always been surprised entering this Market kind of the last five to ten years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just observe when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. Therefore, it is essential to make sure that jobs like Wi-Fi International and other vital matters are done properly. Using the first International Payments first payroll payment service is an excellent preliminary step towards supplying a detailed payroll solution for staff members worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and bank accounts needed for global payroll are essential factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.

anyhow we understand how how crucial 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 easy as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean up 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 check out them and actually see what was going on and sort of try to return to everybody so carrying on look why do business select to primary different checking account there are Papaya Global 50 For 50 Employees Cost businesses out there doing exactly this for specific countries and I’ve operated in a business or lots of services doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I think people have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions 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 the people have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it requires changing but ultimately people are really stuck to what they’re familiar

with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s simply type 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 undoubtedly the benefits of having preserving several bank accounts but there’s a substantial quantity of complexity chooses setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private people so the intricacy is huge however I believe the honest response is change um people haven’t been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep track of and this method does pose a number of challenges um so Johnny could you inform us about those challenges yeah obviously 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 50 For 50 Employees Cost