Papaya Global Basics FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Basics… functions on the company side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join all of us 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 simply to hear where everybody 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 certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really bleak and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies preserve separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also go over a wrap-up and that should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and managing them ends up being a growing number of complicated International companies are aiming to discover Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment standpoint many organizations maintain separate bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve different savings account sometimes in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business simplify the episode complex processes of

Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to enhance working capital, and find how streamlining international payroll payments can change them from a troublesome job into a tactical property.

Managing payroll globally is a daunting task due to various policies, compliance requirements, data security issues, and banking rules. The sheer number of employees and organizations adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems often lead to manual procedures, data silos, and a lack of integration, causing disparities and inadequacies. In spite of living in an age of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance international payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on international payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of global organizations have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be included right and what does

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it need 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 timespan there’s payment capabilities 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 best ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they are like very payments no if however some children 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 absolutely fundamental and technology is enabling us to type of move forward with that it likewise as well 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 essential that payroll and finance groups work better together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the

The contemporary world positions a high value on wellness and the payment landscape is ending up being progressively intricate. Services are continuously introducing brand-new advantages and payment alternatives, which adds to the general complexity. Large corporations often divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technologically sophisticated era, there’s no reason for preserving cumbersome procedures. Payroll, the company’s biggest cost, must be processed correctly and on time. Even slight hold-ups can adversely impact staff members’ wellness and have significant consequences. For that reason, it’s vital to focus on 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 excellent to hear your success story and whether that’s been from all workers 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 just a tick box exercise 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 absolutely essential that all of this stuff is done properly so leveraging the first International Payments first payroll payment option is an excellent first step um supplying an end-to-end payroll service for your employees globally again I believe is another huge um process once again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of services and reducing the number of tools platforms and checking account they require 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 have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we know 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 easy as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean up 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 check out them and actually see what was going on and sort of try to return to everyone so proceeding look why do business pick to primary different bank accounts there are Papaya Global Basics services out there doing precisely this for particular nations and I have actually operated in a service or lots of services doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing 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 think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I think people have got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs altering however ultimately people are really stuck to what they recognize

with right um change is a challenging thing we all don’t like change um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving numerous checking account but there’s a big quantity of complexity chooses setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is big however I think the honest answer is change um people have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to keep an eye on and this method does pose a number of obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Basics