Papaya Global Desktop Version FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Desktop Version… roles on the supplier side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very dreary and I wish I was somewhere else at this moment in time all right so let’s get started 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 keep different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll also go over a wrap-up and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and handling them becomes increasingly more complex International organizations are wanting to discover Solutions and new methods to improve processes specifically from a payroll and cross-border payment standpoint lots of organizations maintain different bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep different bank accounts in some cases in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business streamline the episode complex procedures of

making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most significantly policies compliance information security and banking rules then there are the large numbers they add further intricacy the international Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 around the globe in the traditional payroll model there’s frequently a frustrating variety of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency structure we’re residing in an age 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 whenever I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of a picture they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global organizations have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as 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 needed several 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 difficulties organization face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and say what is it what does not need to be consisted of right 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 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely vital however all over you look with payroll payment they resemble super payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to sort of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely essential that payroll and financing teams work better together than ever um I’m always surprised when people say I’ve divided 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 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 eventually it’s payroll is an end-to-end procedure 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

world we live in and wellness being a growing number of important to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations across the world so once again you’re simply aiming to add a growing number of payments to this currently complex 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 real challenges or genuine tough kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in a period 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 hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any company has from an expense viewpoint from an impact point of view on staff members it is definitely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging impact on people’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last five to 10 years is how little thanks the

The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. For that reason, it is important to ensure that jobs like Wi-Fi Global and other important matters are done correctly. Using the first Global Payments very first payroll payment solution is a fantastic preliminary action towards supplying an extensive payroll solution for employees worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and checking account required for international payroll are essential factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as planned. Eventually, we don’t do it for the gratitude.

anyway we know how how crucial 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 quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true 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 everybody so proceeding appearance why do business pick to primary separate savings account there are Papaya Global Desktop Version organizations out there doing exactly this for specific nations and I have actually worked in a service or many services doing precisely that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we don’t need to and anybody 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 amount that we are I believe lots of factors one is it’s the requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have 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 think this is a procedure that requires looking at it requires changing but ultimately people are extremely stuck with what they recognize

with ideal um change is a hard thing all of us don’t like modification um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving multiple savings account but there’s a substantial amount of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the intricacy is substantial however I think the truthful answer is modification um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this method does present several difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so

I simply did you switched our Enterprise 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 International staff members you should have a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Desktop Version