Papaya Global Employers Allowance FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Employers Allowance… functions on the company side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody 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 certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely gloomy and I want I was elsewhere 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 challenge years of managing International payroll why companies keep separate

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Making sure accurate, effective, and timely payroll payments is a complex obstacle for services operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and discover how simplifying worldwide payroll payments can transform them from a burdensome task into a strategic possession.

Managing payroll internationally is a daunting task due to various regulations, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and organizations contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems frequently result in manual procedures, information silos, and an absence of integration, resulting in disparities and ineffectiveness. Despite living in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and services to streamline and optimize international payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of international businesses have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the needed several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be included right and what does

it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look best ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to sort of progress with that it also as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance groups work better together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more crucial to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being provided by services throughout the world so once again you’re simply looking to include increasingly more payments to this already intricate landscape so if you kind 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 challenging kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would absolutely state that the larger a service 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 groups feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single most significant liability that any business has from a cost perspective from an effect viewpoint on employees it is definitely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful effect on people’s wellness and many other aspects if individuals aren’t paid uh I’ve always been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the

The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only observe when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. For that reason, it is important to guarantee that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the first International Payments very first payroll payment option is a fantastic preliminary step towards offering a thorough payroll service for workers worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and checking account required for global payroll are crucial factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as prepared. Eventually, we do not do it for the appreciation.

anyhow we know how how crucial 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 easy as possible for everybody that’s associated with those processes and also so picture sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and type of try to return to everybody so carrying on appearance why do business choose to primary different checking account there are Papaya Global Employers Allowance services out there doing exactly this for particular countries and I have actually worked in a service or lots of services doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts 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 think individuals have actually got so utilized to we require a new checking account we open an entity and appropriately 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 standard the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering but ultimately individuals are really stuck with what they recognize

with right um change is a difficult thing we all do not like modification um so I believe it’s just kind 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 certainly the advantages of having preserving several bank accounts but there’s a huge quantity of intricacy goes with setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is big but I think the sincere answer is modification um people haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect 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 benefits and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or so there is a lot to keep track of and this approach does present several obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Employers Allowance