Papaya Global Ae FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Ae… functions on the provider side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating 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 really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I wish 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 handling Worldwide payroll why companies preserve different

Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably policies compliance information security and banking rules then there are the large numbers they include further intricacy the global Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 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 standard payroll model there’s often a frustrating number of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely very standard there’s no real consistency structure we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of an image they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of global companies have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors badly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be included best and what does

it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to sort of move on with that it also too to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work better together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more crucial to add to sort of the level of complexity there’s more and more benefits being organ or being offered by organizations across the world so again you’re just wanting to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real difficulties or real challenging sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact 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 know long gone are the times where we require to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from a cost perspective from an effect point of view on employees it is definitely critical that it’s done properly and on time so what we suggest 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 damaging effect on individuals’s well-being and numerous other elements if people aren’t paid uh I’ve constantly been surprised coming into this Market sort of the last 5 to 10 years is how little thanks the

payroll group get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is an excellent initial step um supplying an end-to-end payroll service for your workers globally once again I believe is another substantial um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and savings account they need for their Global 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 ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not think any of us are actually doing that for for the thanks

anyway we know how how crucial 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh definitely 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 in fact see what was going on and kind of try to return to everybody so carrying on look why do companies choose to primary different checking account there are Papaya Global Ae organizations out there doing exactly this for particular nations and I have actually worked in an organization or lots of organizations doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we do not need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I believe individuals have got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe 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 lots of other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires changing however eventually individuals are extremely stuck to what they recognize

with ideal um change is a challenging thing we all don’t like change um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping numerous bank accounts but there’s a big amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is big but I think the truthful response is change um people have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions besides 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 element of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or so there is a lot to keep an eye on and this technique does position a number of difficulties um so Johnny could you tell us about those obstacles yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Ae