Papaya Global Archive Folder FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Archive Folder… roles on the company side and likewise 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 all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really 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 very extremely uninspiring and I want I was somewhere else at this moment in time okay 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 International payroll why business preserve separate

Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 model there’s frequently a frustrating number of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really extremely basic there’s no genuine consistency framework we’re residing in an age of tech but payroll has 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 just blows my mind every time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide services have revealed 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 due to time reporting poor HCM data information entry errors improperly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be included best and what does

it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 any place you look right ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to kind of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation 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 process it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being used by services across the world so again you’re simply seeking 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 genuine obstacles or genuine challenging kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense viewpoint from an impact viewpoint on employees it is definitely important that it’s done properly 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 most significant destructive effect on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been impressed entering into this Market type of the last 5 to 10 years is how little thanks the

payroll group get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a fantastic first step um providing an end-to-end payroll solution for your staff members worldwide again I think is another big um procedure again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of companies and reducing the number of tools platforms and checking account they require for their Worldwide 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks

anyhow we understand how how important 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 easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh absolutely 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 look through them and actually see what was going on and kind of shot to return to everyone so moving on look why do companies select to main different checking account there are Papaya Global Archive Folder companies out there doing exactly this for particular countries and I’ve operated in a company or many businesses doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for any person where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I think individuals have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires changing however eventually people are extremely stuck with what they’re familiar

with right um change is a tough thing we all don’t like modification um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having keeping numerous bank accounts however there’s a huge quantity of complexity opts for setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is substantial but I think the sincere answer is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does present several challenges um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Archive Folder