Papaya Global Changes FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Changes… functions on the company side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also review a wrap-up and that should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and handling them becomes more and more complex Worldwide organizations are wanting to discover Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment perspective lots of organizations maintain different checking account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve different savings account in some cases in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business simplify the episode complex procedures of

making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they include additional intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll design there’s often a frustrating number of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really very standard there’s no genuine consistency framework we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have revealed that they don’t have the level of standardization they require 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 interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and state what is it what does not need to be consisted of right and what does

it require 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 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 client’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely essential and innovation is allowing us to type of move forward with that it also as well to add to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely important that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide 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 eventually it’s payroll is an end-to-end procedure 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

The contemporary world places a high worth on well-being and the payment landscape is ending up being significantly complex. Companies are continuously presenting brand-new advantages and payment alternatives, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s highly advanced era, there’s no justification for keeping troublesome treatments. Payroll, the company’s biggest expense, must be processed correctly and on time. Even slight delays can negatively impact workers’ wellness and have far-reaching repercussions. Therefore, it’s critical to focus on accurate and prompt payments.

The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just see when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. For that reason, it is vital to guarantee that jobs like Wi-Fi International and other important matters are done correctly. Using the very first Worldwide Payments very first payroll payment option is a terrific preliminary action towards offering a comprehensive payroll service for employees worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and savings account required for international payroll are crucial consider attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as prepared. Ultimately, we do not do it for the appreciation.

anyhow we understand how how important 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 everybody that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean 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 need days of the week to attempt to look through them and in fact see what was going on and kind of try to get back to everyone so carrying on look why do companies pick to main separate bank accounts there are Papaya Global Changes services out there doing precisely this for particular countries and I have actually operated in a business or many businesses doing precisely that I can say it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think people have actually got so used to we need 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 just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires altering however eventually people are very stuck with what they recognize

with best um modification is a difficult thing we all don’t like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving numerous savings account but there’s a big quantity of intricacy chooses establishing a savings account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is huge but I believe the honest answer is modification um individuals have not had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be identified to be the next Century approximately there is a lot to keep track of and this technique does posture several difficulties um so Johnny could you tell us about those difficulties yeah obviously 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Changes