Papaya Global And Thunderbird FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global And Thunderbird… roles on the service provider side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join we all 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 simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually 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 really extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies preserve different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll likewise go over a recap and that should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and handling them ends up being a growing number of complicated Global organizations are looking to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment perspective many companies keep separate savings account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain separate savings account sometimes in different countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business simplify the episode complex processes of

Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to enhance working capital, and find how improving international payroll payments can transform them from a challenging job into a strategic property.

Handling payroll worldwide is a complicated task due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.

Conventional payroll systems typically result in manual processes, information silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Despite living in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and options to streamline and enhance global payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on global payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes badly communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be included best and what does

it need to be thought about there’s differing 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is definitely important but all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of progress with that it likewise too to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing groups work better together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more important to contribute to kind of the level of intricacy there’s more and more benefits being organ or being provided by companies across the world so again you’re simply aiming 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 sure but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would definitely say that the larger a company 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 groups feeding details into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from a cost 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 detrimental impact on people’s well-being and many other elements if people aren’t paid uh I’ve always been amazed entering into this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic initial step um supplying an end-to-end payroll solution for your staff members globally once again I believe is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of companies and reducing the variety of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve 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 rather where they’re meant to be um I do not think any of us are really doing that for for the thanks

anyway we understand how how crucial a function 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 envision sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean up 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 require days of the week to attempt to browse them and in fact see what was going on and type of try to return to everyone so moving on appearance why do business choose to primary different savings account there are Papaya Global And Thunderbird businesses out there doing exactly this for particular countries and I have actually operated in a service or numerous services doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anyone that’s dealing with 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 think lots of factors one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and rightly 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 simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked 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 needs altering however eventually people are extremely stuck with what they’re familiar

with ideal um change is a hard thing all of us do not like modification um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving numerous savings account however there’s a big amount of intricacy opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial but I think the sincere answer is modification um people have not had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be determined 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 could you inform us about those difficulties yeah of course so there’s a range 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 International workers you should have a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global And Thunderbird