Papaya Global Client FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Client… functions on the service provider side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating 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 originates from and I actually 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 drizzling here it’s very very uninspiring and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep different

Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to enhance working capital, and discover how enhancing international payroll payments can change them from a burdensome task into a strategic asset.

Handling payroll worldwide is a difficult job due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The large number of staff members and businesses adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million services worldwide.

Traditional payroll systems frequently result in manual processes, information silos, and a lack of integration, causing inconsistencies and ineffectiveness. In spite of residing in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to provide insights and services to simplify and optimize international payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of an image they see an absence of visibility also extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of international services have actually expressed 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 poorly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the essential numerous 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 business face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and state what is it what does not require to be included ideal and what does

it require to be thought about there’s varying 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look right eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type 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 essential and innovation is permitting us to kind of progress with that it likewise too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely essential that payroll and financing groups work better together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high value on well-being and the settlement landscape is becoming progressively complex. Services are constantly introducing new advantages and payment options, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technically innovative age, there’s no reason for maintaining troublesome treatments. Payroll, the business’s most significant expense, must be processed correctly and on time. Even slight hold-ups can adversely affect workers’ wellness and have far-reaching consequences. For that reason, it’s crucial to focus on accurate and timely payments.

payroll team get um so I’m unsure anyone on this kind of webinar has actually been informed 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 eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as 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 properly so leveraging the first Global Payments very first payroll payment option is a great initial step um offering an end-to-end payroll option for your workers globally once again I think is another substantial um procedure again aligning and ensuring you have standardization International processes all of those things are absolutely crucial to success success of services and minimizing the variety of tools platforms and savings 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks

anyway we know how how essential a function it is which’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 imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that numerous 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 a fascinating task 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 held true um you ‘d require days of the week to attempt to browse them and really see what was going on and type of shot to get back to everyone so moving on look why do companies pick to primary separate bank accounts there are Papaya Global Client services out there doing precisely this for specific nations and I have actually operated in a service or many businesses doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s handling 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 quantity that we are I think lots of factors one is it’s the standard I believe people have got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes however 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 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 methods um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it needs altering however ultimately people are really stuck to what they recognize

with ideal um change is a tough thing we all do not like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining multiple savings account but there’s a substantial amount of intricacy chooses setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is big however I think the truthful response is change um individuals haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually 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 understand what could almost be figured out to be the next Century or so there is a lot to track and this technique does pose a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Client