Papaya Global Order P60 FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Order P60… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly 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 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 obstacle years of managing Worldwide payroll why companies keep separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll also go over a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and managing them becomes increasingly more intricate Global companies are looking to find Solutions and new ways to enhance processes particularly 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 countries does it make sense for business to keep separate savings account often in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex processes of

making payroll payments precisely efficiently safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the worldwide Workforce 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 factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there’s typically a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very extremely basic there’s no genuine consistency structure we’re living in an era of tech but payroll has been slow 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 each time I I think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service spends on worldwide payroll the less of an image they see a lack of exposure also encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of international businesses have revealed that they don’t 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 information data entry errors badly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the typical expense of an international data 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 don’t run efficiently if they depend on the essential multiple procedures systems and partners it is just 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 making payments to workers or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be included ideal and what does

it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely vital but all over you look with payroll payment they resemble extremely payments no if but 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 basic and technology is allowing us to sort of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work better together than ever um I’m always 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 work in the payroll profession would they divide the payroll payment from estimation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever 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 contribute to type of the level of intricacy there’s more and more advantages being organ or being used by companies throughout the world so again you’re simply wanting to add more and more payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or real difficult sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any company has from a cost perspective from an impact point of view on workers it is definitely vital 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 need to be done right it has the greatest harmful impact on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been amazed 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 during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only observe when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally as well. Therefore, it is important to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Using the first Worldwide Payments first payroll payment service is a great preliminary step towards offering a comprehensive payroll solution for employees worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and savings account essential for worldwide payroll are crucial factors in accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as planned. Ultimately, we don’t do it for the appreciation.

anyway we understand how how important 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 everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I imply 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 definitely 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 browse them and actually see what was going on and type of shot to get back to everybody so carrying on appearance why do business select to main different checking account there are Papaya Global Order P60 companies out there doing precisely this for specific nations and I have actually worked in a company or many organizations doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for any person where we do not need to and any person that’s handling 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 factors one is it’s the requirement I think people have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions however 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 embraced 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 sort of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires changing but ultimately individuals are extremely stuck to what they recognize

with ideal um change is a hard thing we all don’t like modification um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining several bank accounts but there’s a substantial quantity of complexity goes with establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is substantial however I believe the truthful response is change um people have not been able to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or two there is a lot to keep track of and this method does present several difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Order P60