Papaya Global Login Employer FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Login Employer… functions on the service provider side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort 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 originates from and I actually 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 extremely very uninspiring and I wish I was elsewhere 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 taking a look at the difficulty years of handling International payroll why companies maintain different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also review a recap which needs to leave his time at the extremely 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 Worldwide labor forces become a growing number of typical and handling them ends up being a growing number of complicated Worldwide organizations are wanting to find Solutions and new methods to streamline processes specifically from a payroll and cross-border payment viewpoint lots of companies preserve different bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to keep separate checking 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 known as virtual wallets play in assisting multinational business improve the episode complex procedures of

making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most significantly policies compliance information security and banking rules then there are the large numbers they include more complexity the international Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s often an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really very fundamental there’s no real consistency framework we’re living in a period of tech but payroll has been sluggish 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 companies state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the information is delivered to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the essential multiple 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 challenges business face when they’re paying to workers or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does

it need to be considered there’s varying Bank information 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 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 client’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if however 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to type of progress with that it likewise as well to add to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of crucial to add to sort of the level of complexity there’s a growing number of benefits being organ or being offered by businesses across the world so once again you’re just wanting to include increasingly more payments to this currently complex 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 real challenges or genuine difficult kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any company has from an expense perspective from an impact perspective on staff members it is definitely crucial 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 most significant detrimental impact on individuals’s wellness and many other factors if people aren’t paid uh I’ve constantly been surprised coming into this Market type of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle we all find out 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 exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll service for your staff members worldwide once again I think is another big um process again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses and lowering the variety of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks

anyway we know how how important 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 associated with those procedures and also so imagine sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of try to return to everybody so moving on look why do companies choose to primary separate savings account there are Papaya Global Login Employer businesses out there doing precisely this for specific countries and I’ve worked in an organization or many companies doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not have to and anyone that’s dealing with 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 lots of factors one is it’s the standard I believe people have got so utilized to we need a new checking account we open an entity and rightly 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 just been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many 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 requires altering however eventually people are extremely stuck with what they’re familiar

with right um modification is a difficult thing we all do not like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving several checking account however there’s a huge amount of complexity opts for establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is substantial but I believe the honest answer is change um people have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century approximately there is a lot to monitor and this technique does position several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so

I just did you changed 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 employees you are worthy of a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Login Employer