Papaya Global Germany FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Germany… roles on the service provider side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer 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 type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a wrap-up which should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and managing them becomes a growing number of complicated International companies are aiming to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment standpoint many companies maintain different checking account just for payroll while some have multiple accounts in various countries does it make good sense for business to maintain separate bank accounts often in various nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies simplify the episode complex processes of

making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll model there’s typically an overwhelming variety of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no genuine consistency structure we’re living 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 typically with pen and paper which simply blows my mind whenever I I believe

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a service spends on global payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of global organizations have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations along with lack management and system configurations and then when you round everything off and the data is delivered to the wrong place the average cost 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 cash around the world payroll and payments don’t run efficiently if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be included best 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is absolutely vital however everywhere 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 look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to kind of move on with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work closer together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically 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 but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of essential to add to type of the level of intricacy there’s increasingly more advantages being organ or being provided by organizations throughout the world so again you’re simply looking to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine difficult kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger a company 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 info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we run in they simply 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 a period that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single greatest liability that any business has from a cost viewpoint from an impact point of view on workers it is definitely important 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 need to be done right it has the most significant detrimental impact on individuals’s wellness and many other elements if individuals aren’t paid uh I’ve constantly been amazed entering this Market kind of the last five to 10 years is how little thanks the

payroll group get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider 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 first Global Payments very first payroll payment service is a great first step um offering an end-to-end payroll service for your staff members globally once again I believe is another huge um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses and reducing 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 regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks

anyhow we know how how essential 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 simple as possible for everybody that’s involved in those procedures and also so picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating 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 attempt to check out them and in fact see what was going on and kind of try to return to everybody so moving on appearance why do business pick to primary separate checking account there are Papaya Global Germany services out there doing precisely this for particular countries and I’ve operated in a company or lots of services doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for any person where we do not have to and any person that’s dealing with 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 think numerous factors one is it’s the requirement I think people have actually got so used to we require a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing however eventually individuals are very stuck with what they recognize

with ideal um change is a hard thing all of us don’t like change um so I think 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 undoubtedly the benefits of having maintaining multiple checking account however there’s a huge quantity of complexity goes with establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is big however I believe the honest answer is change um individuals have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always 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 almost be identified to be the next Century approximately there is a lot to monitor and this approach does position numerous obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so

I just did you switched our Business 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 Worldwide employees you deserve a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Germany

Papaya Global Germany FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Germany… functions on the supplier side and also on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone 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 fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly 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 very really bleak and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies keep separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll likewise go over a wrap-up and that ought to leave his time at the really 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 end up being increasingly more common and managing them becomes more and more complicated Worldwide organizations are wanting to discover Solutions and new methods to simplify procedures especially from a payroll and cross-border payment perspective numerous organizations maintain separate bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain different savings account often in various nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies simplify the episode complex processes of

Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a difficult job into a tactical asset.

Managing payroll worldwide is an overwhelming job due to various guidelines, compliance requirements, data security issues, and banking guidelines. The sheer variety of employees and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.

Conventional payroll systems often result in manual procedures, information silos, and an absence of integration, causing disparities and inadequacies. Regardless of living in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and options to simplify and enhance global payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in global payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of international services have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the information is delivered to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not need to be included right and what does

it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 client’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly amazed when individuals state 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 divide the payroll payment from estimation I would say no so why do we as a market 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 data collection all the way through to paying individuals anywhere they are however likewise 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 complexity there’s a growing number of advantages being organ or being provided by businesses throughout the world so again you’re simply looking to add more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or real tough kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era 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 tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from a cost perspective from an effect viewpoint on staff members it is absolutely important that it’s done properly 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 greatest harmful impact on people’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been impressed coming into this Market type of the last five to ten years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll throughout 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 essential cycle, and people 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 as well. Therefore, it is essential to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the very first Worldwide Payments very first payroll payment option is an excellent preliminary step towards providing a detailed payroll service for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and checking account necessary for international payroll are essential consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as planned. Eventually, we do not do it for the thankfulness.

anyhow we know how how crucial a role 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 involved in those procedures and also so picture sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine 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 a fascinating task trying to clean all those up for sure oh absolutely I can’t think of 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 type of try to return to everybody so moving on appearance why do business pick to main different checking account there are Papaya Global Germany organizations out there doing precisely this for specific nations and I have actually operated in an organization or lots of businesses doing exactly that I can say it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating extra work for anyone where we do not have 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 think many factors one is it’s the standard I think individuals have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a process that needs looking at it needs altering but eventually people are extremely stuck to what they recognize

with right um modification is a challenging thing all of us don’t like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping numerous checking account but there’s a huge amount of intricacy goes with setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is big but I believe the truthful response is change um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep track of and this approach does posture several obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so

I just did you changed our Business 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 are worthy of a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Germany