Papaya Global Crypto Payroll FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Crypto Payroll… functions on the service provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two 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 interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain different

Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also provide 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 international benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they include further intricacy the international Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals 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 worldwide in the conventional payroll model there’s often a frustrating variety of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really extremely fundamental there’s no genuine consistency framework we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses have expressed 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 because of time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be included ideal and what does

it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to kind of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m constantly impressed when individuals state 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 calculation 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 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 however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by organizations throughout the world so again you’re simply wanting to add more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or real challenging type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would absolutely state 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 task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an impact perspective on staff members it is definitely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive result on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll team get um so I’m uncertain 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 staff members or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe 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 definitely crucial that all of this things is done correctly so leveraging the first International Payments first payroll payment option is an excellent first step um offering an end-to-end payroll service for your employees internationally again I think is another huge um process again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and savings account they need 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks

anyhow we know how how essential 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 associated with those procedures and likewise 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 amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying to clean up all those up for sure oh absolutely I can’t think of 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 shot to get back to everybody so proceeding look why do companies pick to main separate checking account there are Papaya Global Crypto Payroll businesses out there doing precisely this for particular countries and I have actually operated in a service or many services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and anybody that’s dealing with 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 amount that we are I believe numerous factors one is it’s the standard I believe people have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes 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 individuals 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 think this is a process that requires taking a look at it requires changing however ultimately people are very stuck with what they recognize

with best um change is a difficult thing we all do not like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining multiple checking account however there’s a substantial quantity of complexity chooses establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is substantial but I think the honest response is change um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this method does posture a number of difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so

I just recently made a modification to our Business 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 gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Crypto Payroll