Papaya Global Calendar 21/22 FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Calendar 21/22… functions on the provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes 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 really uninspiring and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep separate

Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they include additional intricacy 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 further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s often an overwhelming number of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really really fundamental there’s no real consistency structure we’re living in a period 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 and that simply blows my mind each time I I think

about it to provide 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 sleepless nights and quite frankly the more a company invests in international payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global services have actually 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 information information entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is delivered to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be included best and what does

it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide 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 process it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high worth on well-being and the settlement landscape is becoming significantly detailed. Services are continually presenting brand-new advantages and payment choices, which contributes to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today’s technologically innovative age, there’s no reason for preserving troublesome treatments. Payroll, the business’s greatest expense, need to be processed properly and on time. Even minor delays can negatively impact workers’ well-being and have far-reaching effects. Therefore, it’s important to prioritize precise and prompt payments.

The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only notice when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. For that reason, it is necessary to guarantee that tasks like Wi-Fi International and other crucial matters are done correctly. Using the first International Payments first payroll payment option is a great preliminary action towards providing a thorough payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account needed for global payroll are key factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as prepared. Eventually, we don’t do it for the gratitude.

anyhow we understand how how crucial 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 everybody that’s involved in those processes and also so think of sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everyone so carrying on appearance why do business pick to primary different checking account there are Papaya Global Calendar 21/22 services out there doing precisely this for particular countries and I have actually worked in a service or lots of companies doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and anybody that’s handling 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 requirement I believe people have got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it needs altering however ultimately individuals are extremely stuck to what they recognize

with ideal um modification is a hard thing all of us do not like change um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining numerous bank accounts but there’s a big amount of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is huge but I believe the sincere response is modification um individuals haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this approach does posture numerous difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Calendar 21/22