Papaya Global For Beginners FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global For Beginners… functions on the company side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or two 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 just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 raining here it’s very really dreary and I want I was elsewhere at this moment in time all right 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 Worldwide payroll why companies maintain different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also go over a recap and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and handling them ends up being a growing number of complicated International companies are wanting to discover Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment perspective many organizations keep separate checking account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep separate checking account often in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business enhance the episode complex processes of

making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s frequently an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely extremely basic there’s no genuine consistency framework we’re residing in an age of tech but payroll has actually 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 simply blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of global businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the average expense of an international information 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 don’t run smoothly if they rely on the necessary several processes 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 difficulties organization face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does

it need 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 time frames 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 complexity wherever you look right ultimately building a knowledge base is absolutely critical but all over you look with payroll payment they resemble incredibly payments no if but some infants 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 innovation is allowing us to sort of move on with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always impressed when people state 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 profession 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more important to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by businesses across the world so once again you’re just aiming to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine difficult sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would absolutely say that the bigger a company 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 handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from an expense point of view from an effect viewpoint on workers it is definitely vital that it’s done properly and on time so what we imply 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 detrimental result on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been amazed entering into this Market type of the last 5 to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi International and other essential matters are done properly. Utilizing the first Worldwide Payments first payroll payment option is a fantastic preliminary action towards providing an extensive payroll option for employees worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and savings account necessary for international payroll are key factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as prepared. Eventually, we do not do it for the gratitude.

anyhow we understand how how important 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 simply I was simply gon na say envision the quantity 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 possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and kind of shot to get back to everybody so proceeding look why do companies choose to primary different savings account there are Papaya Global For Beginners companies out there doing exactly this for specific nations and I’ve operated in a business or lots of organizations doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and anybody that’s managing 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 think numerous factors one is it’s the requirement I think people have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you need 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 standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires altering however ultimately people are really stuck with what they’re familiar

with best um modification is a challenging thing we all don’t like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining several bank accounts but there’s a big quantity of intricacy goes with setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is huge however I believe the honest answer is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to actually 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 understanding you understand and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose several difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise 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 actually gotten another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global For Beginners