Papaya Global Card FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Card… functions on the supplier side and also on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody 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 raining here it’s very really uninspiring and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business keep separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also review a wrap-up which must leave his time at the very very 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 labor forces end up being more and more typical and handling them ends up being more and more complicated Worldwide companies are looking to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment perspective numerous organizations preserve separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate bank accounts often in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies enhance the episode complex procedures of

making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add more complexity the international 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 services and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating variety of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or very very fundamental there’s no real consistency structure we’re residing 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 every time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of an image they see an absence of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is delivered to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they depend on the needed multiple 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 challenges business face when they’re making payments to employees or otherwise that’s an excellent concern 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 considered there’s differing Bank details 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely important but everywhere 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 take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to type of move on with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work better together than ever um I’m always impressed 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 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 typically 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more important to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations throughout the world so again you’re simply seeking to include more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine tough type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single most significant liability that any organization has from a cost point of view from an effect perspective on staff members it is absolutely critical that it’s done correctly 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 biggest harmful effect on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve constantly been astonished entering into this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the first Global Payments first payroll payment service is a fantastic primary step um supplying an end-to-end payroll option for your workers internationally once again I believe is another big um process once again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of organizations and minimizing the variety of tools platforms and checking account they require for their Global 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 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 quite where they’re meant to be um I do not think any of us are actually doing that for for the thanks

anyway we understand how how essential a role 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 associated with those processes and also so imagine 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’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and type of shot to get back to everyone so moving on look why do business pick to primary separate checking account there are Papaya Global Card companies out there doing precisely this for particular countries and I’ve operated in a business or numerous businesses doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number 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 add to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a process that requires looking at it needs altering but ultimately people are extremely stuck to what they’re familiar

with right um change is a hard thing we all don’t like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping several savings account but there’s a big quantity of complexity chooses setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is huge however I believe the truthful response is modification um people have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this method does position numerous obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so

I just 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 Worldwide 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 Card