Papaya Global France FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global France… functions on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of 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 rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind 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 drizzling here it’s very extremely gloomy and I want I was elsewhere at this moment in time all right 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 handling Global payroll why business preserve different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also discuss a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and handling them ends up being a growing number of intricate Worldwide organizations are looking to find Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment perspective lots of organizations keep separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve different checking account in some cases in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business streamline the episode complex procedures of

making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly policies compliance information security and banking rules then there are the sheer numbers they add more complexity the global Labor force is presently three and a half billion people by 2030 it’s estimated 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 consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there’s often an overwhelming variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or very really standard there’s no real consistency structure we’re living 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 just blows my mind every time I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide services have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they depend on the essential 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 company face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be consisted of best and what does

it require to be considered 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 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 anywhere you look right eventually constructing a knowledge base is definitely crucial 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to type of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing groups work more detailed together than ever um I’m constantly astonished 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 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 procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being offered by organizations throughout the world so once again you’re simply wanting to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things however 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 produce 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 an age that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an impact perspective on staff members it is absolutely critical 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 need to be done right it has the greatest destructive effect on people’s well-being and many other factors if people aren’t paid uh I have actually constantly been surprised entering into this Market type of the last 5 to ten years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first Worldwide Payments first payroll payment service is a terrific preliminary action towards offering a thorough payroll solution for employees worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and savings account necessary 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 sometimes get a couple of complaints when things don’t go as planned. Eventually, we do not do it for the appreciation.

anyhow we understand 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly 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 but it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of try to get back to everybody so moving on look why do companies select to main different checking account there are Papaya Global France businesses out there doing precisely this for particular countries and I’ve operated in a company or many businesses doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anyone 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 reasons one is it’s the requirement I think people have actually got so used to we need a new bank account we open an entity and rightly so you need 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 requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I think this is a procedure 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 hard thing we all don’t like modification um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having preserving multiple bank accounts however there’s a huge amount of intricacy chooses establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private people so the intricacy is big but I think the sincere answer is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep an eye on and this technique does position several obstacles um so Johnny could you tell us about those challenges yeah obviously 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 workers you should have a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global France

Papaya Global France FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global France… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone 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 definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a wrap-up which should leave his time at the really extremely 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 International workforces end up being a growing number of common and managing them ends up being more and more complex International companies are aiming to find Solutions and new methods to simplify processes especially from a payroll and cross-border payment standpoint lots of organizations preserve separate checking account just for payroll while some have several accounts in various countries does it make good sense for business to preserve different bank accounts often in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies streamline the episode complex processes of

Making sure precise, effective, and prompt payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can change them from a difficult task into a strategic asset.

Managing payroll internationally is a challenging job due to different guidelines, compliance requirements, information security issues, and banking rules. The large number of workers and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.

Traditional payroll systems frequently result in manual processes, data silos, and a lack of integration, resulting in disparities and inefficiencies. Regardless of living in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and options to streamline and optimize worldwide payroll payments.

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 Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be included ideal and what does

it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 right ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to sort of progress with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely important that payroll and financing teams work better together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split 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 procedure it’s the point of information 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 crucial to add to kind of the level of intricacy there’s a growing number of benefits being organ or being offered by organizations across the world so again you’re just wanting to add increasingly more payments to this already complex 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 real challenges or genuine difficult type of pay utilizes to play to pay individuals I think yeah I indicate 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 works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more prompt they make them less effective 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 difficult as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense perspective from an effect point of view on workers it is absolutely vital that it’s done properly and on time so what we mean 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 well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been impressed entering this Market type of the last 5 to ten years is how little thanks the

payroll group get um so I’m not sure anybody on this type of webinar has actually been told 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 employees or not um however eventually payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it fails however 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 stuff is definitely essential that all of this things is done correctly so leveraging the very first Global Payments first payroll payment solution is a terrific primary step um offering an end-to-end payroll solution for your employees globally again I believe is another substantial um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of services and minimizing the number of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks

anyway we know how how important 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 simple as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions envision 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 but it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and kind of shot to get back to everyone so moving on look why do business pick to main separate bank accounts there are Papaya Global France businesses out there doing precisely this for particular nations and I have actually worked in a business or many services doing exactly that I can say it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and anyone that’s managing that procedure 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 think lots of factors one is it’s the requirement I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll functions 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 the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it needs altering but ultimately people are very stuck with what they’re familiar

with ideal um change is a difficult thing all of us do not like change um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping numerous savings account however there’s a big amount of intricacy goes with setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the honest answer is change um people have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or two there is a lot to monitor and this approach does posture several difficulties um so Johnny could you inform us about those challenges yeah naturally 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 Global workers you should have a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global France