Papaya Global 50 Adding A New Employee FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global 50 Adding A New Employee… functions on the service provider side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather 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 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 very extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies preserve separate

Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they include more intricacy the global Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 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 traditional payroll model there’s typically a frustrating variety of different systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or very very basic there’s no real consistency framework we’re residing in an era 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 simply blows my mind whenever I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on global payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the necessary several procedures 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 business face when they’re paying to staff members or otherwise that’s a great question I always throw this back and say what is it what does not need to be consisted of ideal and what does

it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of move forward with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of crucial to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being offered by companies across the world so again you’re simply aiming to add increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or real challenging kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an impact viewpoint on workers it is definitely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental result on individuals’s well-being and many other factors if people aren’t paid uh I’ve always been amazed entering into this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m not sure anybody on this type of webinar has 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 staff members or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll service for your staff members internationally once again I think is another substantial um process once again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of organizations and reducing the variety of tools platforms and bank accounts they need 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 ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks

anyhow we know how how essential a function it is and that’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 likewise so think of sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean up 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 require days of the week to attempt to look through them and really see what was going on and type of try to return to everyone so moving on appearance why do companies select to primary separate bank accounts there are Papaya Global 50 Adding A New Employee businesses out there doing exactly this for specific countries and I’ve worked in a business or lots of businesses doing exactly that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anyone 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 believe that we’re doing that in in the in the amount that we are I think many reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires changing however ultimately people are really stuck to what they recognize

with best um change is a challenging thing all of us do not like change um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving multiple savings account but there’s a substantial quantity of intricacy chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is huge but I think the honest answer is change um people haven’t had the ability to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century or so there is a lot to track and this technique does pose numerous difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so

I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 50 Adding A New Employee