Papaya Global 50 Year End FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global 50 Year End… roles on the company side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we’ll also review a wrap-up and that needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and handling them becomes a growing number of complicated Global companies are looking to find Solutions and new methods to simplify processes particularly from a payroll and cross-border payment viewpoint many organizations maintain different bank account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain separate savings account in some cases in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business simplify the episode complex processes of

making payroll payments properly effectively firmly and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably policies compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the global Labor force is currently 3 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 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 frequently a frustrating number of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very very basic there’s no real consistency framework we’re living in an era 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 frequently with pen and paper and that just 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 only 11 of services say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization invests in international payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide services have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be included best 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super payments no if however 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work closer together than ever um I’m constantly amazed 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 work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process 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

The contemporary world places a high worth on well-being and the settlement landscape is ending up being significantly intricate. Companies are continuously presenting new advantages and payment choices, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s highly advanced era, there’s no reason for keeping cumbersome treatments. Payroll, the business’s biggest expense, need to be processed correctly and on time. Even small delays can adversely impact employees’ well-being and have far-reaching repercussions. For that reason, it’s critical to prioritize accurate and prompt payments.

payroll team get um so I’m uncertain anybody on this kind of webinar has actually 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 we all hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise 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 things is absolutely important that all of this things is done properly so leveraging the very first International Payments first payroll payment service is an excellent primary step um providing an end-to-end payroll service for your employees globally again I think is another big um procedure again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of businesses and reducing the number of tools platforms and checking account 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 thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we understand how how important 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 simple as possible for everyone that’s involved in those processes and also so imagine sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly 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 was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and sort of shot to return to everybody so proceeding appearance why do companies select to primary different savings account there are Papaya Global 50 Year End companies out there doing exactly this for specific countries and I’ve operated in a business or lots of services doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we don’t 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 many factors one is it’s the requirement I believe individuals 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 however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing but ultimately people are very stuck to what they recognize

with best um change is a difficult thing all of us do not like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving several savings account but there’s a big quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is substantial but I think the sincere answer is change um people haven’t been able to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an element 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 might almost be determined to be the next Century or two there is a lot to keep track of and this technique does present numerous challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage 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 commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global 50 Year End