Papaya Global 14 FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global 14… functions on the supplier side and likewise on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 really extremely dreary and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and handling them becomes increasingly more intricate Global organizations are looking to discover Solutions and new methods to enhance processes specifically from a payroll and cross-border payment standpoint numerous organizations maintain separate checking account just for payroll while some have several accounts in various nations does it make sense for companies to maintain different bank accounts sometimes in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business streamline the episode complex procedures of

making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses 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 difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most significantly regulations compliance information security and banking rules then there are the sheer numbers they include additional complexity the global Labor force is currently three and a half billion people by 2030 it’s estimated 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 organizations and growing all doing their own thing around the world in the standard payroll design there’s typically an overwhelming number of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely extremely standard there’s no real consistency structure we’re residing in a period of tech however 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 just blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide services have actually expressed 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 because of time reporting poor HCM data data entry mistakes poorly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the data is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the required numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and state what is it what does not require to be consisted of ideal and what does

it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 definitely essential and innovation is allowing us to kind of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely vital that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split 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 any place they are however also paying statutory authorities and on statutory third parties so with the

The modern-day world puts a high value on wellness and the compensation landscape is ending up being increasingly elaborate. Organizations are continually introducing new advantages and payment alternatives, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technologically innovative era, there’s no justification for keeping troublesome procedures. Payroll, the company’s greatest cost, need to be processed correctly and on time. Even small delays can adversely impact staff members’ wellness and have far-reaching consequences. Therefore, it’s important to prioritize precise and timely payments.

payroll team get um so I’m not exactly sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe 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 things is absolutely crucial that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll option for your workers internationally again I think is another huge um procedure again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of services and lowering the number of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks

anyway we know how how important 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 simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t imagine 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 actually see what was going on and kind of shot to return to everybody so proceeding look why do companies pick to primary separate bank accounts there are Papaya Global 14 companies out there doing precisely this for specific nations and I have actually operated in a business or numerous services doing precisely that I can state it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for any person 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 amount that we are I think numerous factors one is it’s the standard I believe people have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually 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 procedure that requires taking a look at it needs altering but ultimately individuals are really stuck to what they recognize

with ideal um modification is a challenging thing we all don’t like change um so I believe 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 multiple bank accounts but there’s a huge quantity of intricacy opts for establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is huge but I think the sincere answer is modification um people have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or so there is a lot to monitor and this approach does present numerous difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so

I simply 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 Global employees you should have a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 14