Papaya Global Disguised Remuneration FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Disguised Remuneration… functions on the service provider side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really 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 raining here it’s very very gloomy and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise go over a wrap-up and that ought to leave his time at the extremely very 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 labor forces become increasingly more common and managing them becomes more and more complicated Worldwide companies are looking to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment viewpoint lots of organizations preserve different bank account just for payroll while some have numerous accounts in different countries does it make sense for companies to maintain different savings account in some cases in various countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies streamline the episode complex procedures of

making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most significantly guidelines compliance data security and banking rules then there are the large numbers they add more complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s often an overwhelming number of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really extremely basic there’s no real consistency framework we’re residing in a period 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 simply blows my mind every time I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in international payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of global services have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the data is shipped to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they count on the needed numerous 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 obstacles company face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be included right and what does

it require to be thought of there’s varying Bank details 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to type of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m always surprised when people say I have actually split 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 any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being increasingly more essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being offered by businesses throughout the world so once again you’re just looking to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real obstacles or real difficult type of pay uses to play to pay individuals I believe yeah I mean 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 information into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from a cost point of view from an impact point of view on workers 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 have to be done right it has the greatest detrimental impact on people’s wellness and many other elements if people aren’t paid uh I’ve constantly been astonished coming into this Market kind of the last five to 10 years is how little thanks the

payroll group get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly 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 a crucial cycle we all find out 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 workout 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 absolutely crucial that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a great first step um providing an end-to-end payroll solution for your employees globally once again I believe is another huge um procedure once again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and checking account they need for their Worldwide 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 do not 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 think any of us are actually doing that for for the thanks

anyway we understand how how essential 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 simple as possible for everybody that’s associated with those procedures and also so think of sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions imagine getting that many 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 interesting task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and type of shot to return to everyone so carrying on look why do business choose to main different savings account there are Papaya Global Disguised Remuneration businesses out there doing precisely this for specific nations and I have actually worked in a company or many organizations doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for any person where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I believe individuals have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing but eventually individuals are extremely stuck to what they’re familiar

with best um change is a hard thing all of us do not like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having maintaining numerous bank accounts but there’s a substantial amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is huge however I believe the sincere response is change um people haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or so there is a lot to keep an eye on and this technique does pose several challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Disguised Remuneration