Papaya Global Cd FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Cd… roles on the provider side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly 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 raining here it’s very extremely dreary and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business preserve separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap and that should leave his time at the really 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 workforces end up being a growing number of typical and managing them ends up being a growing number of complicated Global companies are wanting to find Solutions and new ways to streamline processes particularly from a payroll and cross-border payment viewpoint numerous organizations preserve separate checking account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain different savings account often in various nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex processes of

Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to enhance working capital, and find how simplifying global payroll payments can change them from a difficult task into a strategic asset.

Handling payroll globally is a difficult job due to various regulations, compliance requirements, data security issues, and banking rules. The large variety of staff members and businesses contributes to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems typically lead to manual processes, information silos, and a lack of combination, leading to inconsistencies and inadequacies. Regardless of residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to supply insights and services to streamline and optimize international payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be consisted of ideal and what does

it need to be considered there’s differing 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move on with that it also too to add to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of important to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations across the world so again you’re simply looking to include a growing number of payments to this currently complex 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 genuine obstacles or genuine tough type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost perspective from an impact perspective on employees it is absolutely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging effect on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been astonished entering into this Market sort of the last five to ten years is how little thanks the

payroll group get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout 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 crucial that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is a terrific first step um providing an end-to-end payroll option for your workers internationally again I believe is another big um procedure once again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of businesses and minimizing the variety of tools platforms and checking 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 have actually 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 complaints where things have not gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks

anyway we understand how how important 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 simple as possible for everybody that’s associated with those processes and also so imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting 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 need days of the week to try to browse them and really see what was going on and type of shot to return to everybody so proceeding appearance why do business pick to primary different savings account there are Papaya Global Cd businesses out there doing precisely this for particular countries and I’ve worked in a service or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we do not need to and anyone that’s dealing with 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 believe many factors one is it’s the requirement I believe people have got so utilized to we need a new bank account we open an entity and appropriately 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 just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering but ultimately people are really stuck with what they recognize

with ideal um change is a difficult thing we all don’t like modification um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having keeping several savings account however there’s a big amount of intricacy goes with setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is big but I think the honest response is change um individuals have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to track and this technique does posture numerous challenges 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 modification to our Enterprise 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 boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Cd