Papaya Globaland Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Papaya Globaland Papaya Global… roles on the company side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really 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 really really gloomy and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve separate

Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession 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 accurately effectively safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 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 around the globe in the conventional payroll model there’s often an overwhelming variety of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or very very basic there’s no genuine consistency framework we’re residing in an era 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 whenever I I think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global businesses have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round it all off and the information is shipped to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t require to be included best and what does

it require to be thought of there’s varying 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is definitely critical however all over 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 believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to type of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

The contemporary world positions a high worth on wellness and the settlement landscape is ending up being significantly intricate. Organizations are continuously presenting new advantages and payment options, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s technically sophisticated age, there’s no reason for maintaining troublesome treatments. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even minor hold-ups can negatively impact employees’ well-being and have significant effects. For that reason, it’s critical to prioritize accurate and timely payments.

payroll group get um so I’m uncertain anybody on this kind of webinar has actually been told 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 ultimately payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a great initial step um providing an end-to-end payroll service for your staff members internationally again I believe is another substantial um process again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and savings account 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’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten 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 believe any of us are actually doing that for for the thanks

anyhow we know how how essential 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 involved in those processes and also so envision sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of try to return to everyone so carrying on look why do companies select to main separate bank accounts there are Papaya Globaland Papaya Global businesses out there doing precisely this for specific countries and I have actually worked in a business or lots of organizations doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t need 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 believe lots of reasons one is it’s the standard I believe individuals have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have 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 numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it needs changing but ultimately people are extremely stuck to what they recognize

with best um modification is a hard thing all of us do not like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving several checking account however there’s a big quantity of intricacy opts for setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is big but I think the honest answer is change um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to track and this technique does posture several difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Globaland Papaya Global