Papaya Global Closing Down FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Closing Down… roles on the provider side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 extremely extremely uninspiring and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a recap and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and handling them ends up being more and more intricate Global companies are wanting to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment viewpoint many organizations keep separate bank account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve separate checking account sometimes in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies streamline the episode complex processes of

making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they add further complexity the global Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there’s typically an overwhelming number of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely extremely basic there’s no genuine consistency framework we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of global businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors improperly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be included right and what does

it need to be thought of there’s differing Bank details 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly 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 think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to type of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely important that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals 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 profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being a growing number of essential to add to type of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so again you’re simply wanting to include more and more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or real challenging kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things however you know 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 need to create additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single biggest liability that any company has from a cost point of view from an effect perspective on employees it is absolutely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest detrimental impact on people’s wellness and many other aspects if people aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m not exactly sure anybody on this type 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 however eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is a terrific first step um supplying an end-to-end payroll option for your employees internationally once again I believe is another substantial um procedure once again lining up and ensuring you have standardization Global procedures all of those things are definitely key to success success of businesses and minimizing the number of tools platforms and bank accounts they require for their Worldwide payroll too could not 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 countless 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 problems where things haven’t gone rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks

anyhow we understand how how important a role 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 associated with those procedures and also so picture sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing 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 held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and sort of try to return to everybody so proceeding appearance why do companies select to primary separate checking account there are Papaya Global Closing Down companies out there doing precisely this for specific nations and I’ve operated in a company or many organizations doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a number 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 people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing but ultimately people are really stuck to what they’re familiar

with right um change is a challenging thing we all do not like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping multiple checking account but there’s a substantial amount of intricacy chooses setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is big but I believe the truthful answer is modification um individuals haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or so there is a lot to monitor and this technique does position a number of challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Closing Down