Papaya Global Archive FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Archive… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes 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 all right so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies preserve separate

Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially useful for international companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, 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 becoming a strategic property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Making sure precise, effective, and timely payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and find how simplifying global payroll payments can transform them from a challenging task into a strategic possession.

Handling payroll internationally is a complicated job due to different policies, compliance requirements, data security issues, and banking rules. The large number of staff members and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems often result in manual procedures, data silos, and an absence of integration, causing inconsistencies and ineffectiveness. In spite of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to offer insights and services to streamline and enhance international payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide services have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes badly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is delivered to the wrong 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 all over the world payroll and payments don’t run smoothly if they count on the required multiple procedures 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 service face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what does not need to be included ideal and what does

it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 intricacy anywhere you look right ultimately building a knowledge base is absolutely crucial however all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 enabling us to type of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I’m constantly astonished when individuals say 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 occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information 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 more and more crucial to add to kind of the level of complexity there’s a growing number of advantages being organ or being provided by businesses across the world so again you’re just aiming to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or genuine tough type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly 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 job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an effect point of view on employees it is absolutely vital that it’s done properly and on time so what we suggest 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 harmful result on individuals’s wellness and numerous other aspects if people aren’t paid uh I have actually always been surprised coming into this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise 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 things is absolutely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a great primary step um providing an end-to-end payroll solution for your workers globally once again I believe is another big um process again lining up and guaranteeing you have standardization International procedures all of those things are definitely key to success success of businesses and reducing the number of tools platforms and checking account 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks

anyhow we know how how essential 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 easy as possible for everyone that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everybody so carrying on look why do companies select to main separate bank accounts there are Papaya Global Archive organizations out there doing exactly this for particular nations and I’ve worked in a business or numerous services doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I think people have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm 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 sort of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs changing but eventually individuals are very stuck with what they’re familiar

with best um modification is a difficult thing all of us don’t like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping numerous bank accounts but there’s a huge quantity of intricacy goes with establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is substantial but I think the honest response is change um individuals haven’t had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits 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 posture a number of difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Archive