Papaya Global Correct A Mistake FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Correct A Mistake… functions on the company side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort 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 extremely extremely dreary and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain separate

Virtual payroll accounts are an option to standard checking account for handling 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 various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they add additional intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 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 conventional payroll design there’s typically an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really extremely basic there’s no real consistency framework we’re living in a period of tech but payroll has actually 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 think

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in global payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of global companies have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors poorly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they depend on the essential numerous processes 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 difficulties service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be included ideal and what does

it require to be thought of there’s differing Bank details 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if but some babies 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work better together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more important to add to kind of the level of intricacy there’s more and more advantages being organ or being used by companies across the world so again you’re just looking to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or real tough sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any service has from an expense perspective from an impact perspective on staff members it is absolutely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging result on people’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been surprised coming into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the very first International Payments first payroll payment option is a fantastic primary step um offering an end-to-end payroll option for your staff members globally once again I think is another huge um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of services and reducing the variety of tools platforms and bank accounts they need for their Global 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 countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite 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 crucial a role 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 everyone that’s associated with those processes and also so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and sort of try to get back to everyone so carrying on look why do business choose to primary separate savings account there are Papaya Global Correct A Mistake companies out there doing exactly this for particular countries and I have actually operated in a service or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anyone where we do not have to and anyone 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 quantity that we are I think lots of factors one is it’s the standard I think individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering however ultimately people are very stuck with what they’re familiar

with best um modification is a tough thing we all 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 great deal of track of stuff um I comprehend clearly the benefits of having preserving multiple checking account but there’s a substantial amount of complexity opts for setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is huge but I think the sincere answer is change um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to keep an eye on and this method does posture several challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so

I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Correct A Mistake