Papaya Global Payroll.Com FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Payroll.Com… roles on the supplier side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 very bleak and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies maintain different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up which ought 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 Global labor forces end up being increasingly more common and managing them becomes more and more complex Global organizations are wanting to find Solutions and brand-new methods to enhance procedures specifically from a payroll and cross-border payment standpoint many organizations maintain separate bank account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain separate bank accounts in some cases in various countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies enhance the episode complex procedures of

making payroll payments precisely 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 checking account how business accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the global Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll design there’s typically a frustrating number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or very extremely standard there’s no genuine consistency structure we’re residing in an age 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 and that simply blows my mind every time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company invests in global payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of global businesses have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes improperly interacted 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 wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they depend on the required 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 difficulties company face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be included ideal and what does

it need to be thought about there’s varying 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 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 right ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly surprised 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 profession 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 frequently 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of important to contribute to type of the level of complexity there’s more and more advantages being organ or being provided by organizations throughout the world so once again you’re simply wanting to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real difficulties or real tough kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger 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 actually handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era 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 said payroll is the single greatest liability that any organization has from an expense point of view from an effect viewpoint on staff members it is absolutely important that it’s done correctly 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 harmful result 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 sort of the last 5 to 10 years is how little thanks the

The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally also. Therefore, it is essential to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Using the first Worldwide Payments first payroll payment option is a great preliminary step towards offering a detailed payroll option for employees worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and checking account essential for global payroll are essential factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as planned. Eventually, we do not do it for the appreciation.

anyhow we know how how essential 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 everyone that’s associated with those procedures and also so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and type of try to return to everyone so carrying on appearance why do companies choose to main different checking account there are Papaya Global Payroll.Com businesses out there doing exactly this for particular countries and I have actually operated in a service or numerous companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t have to and anyone that’s managing 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 amount that we are I think numerous factors one is it’s the requirement I believe people have got so used to we require 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 individuals have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires altering however ultimately individuals are extremely stuck with what they’re familiar

with best um change is a tough thing all of us don’t like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having preserving multiple savings account however there’s a substantial quantity of complexity chooses establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is big but I believe the honest response is modification um people haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an aspect 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 understand what could almost be identified to be the next Century or so there is a lot to keep track of and this method does pose a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so

I simply 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 staff members you are worthy of a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll.Com

Papaya Global Payroll Com FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Payroll Com… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everyone 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 quite intriguing 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 everyone comes from and I actually 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 raining here it’s very very uninspiring and I want I was somewhere else at this moment in time okay 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 Worldwide payroll why companies keep different

Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most notably guidelines compliance information security and banking rules then there are the large numbers they add more intricacy the international Workforce is presently three 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 services and growing all doing their own thing around the world in the conventional payroll model there’s frequently an overwhelming variety of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or really really standard there’s no genuine consistency framework we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in international payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international organizations have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors poorly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the typical 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 worldwide payroll and payments don’t run smoothly if they count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included right and what does

it need to be thought about there’s varying Bank information 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 capabilities 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 consumer’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they are like incredibly payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly impressed when people say I have actually split 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 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of important to contribute to type of the level of intricacy there’s more and more advantages being organ or being used by organizations throughout the world so again you’re simply seeking to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or genuine difficult kind of pay uses to play to pay individuals I believe yeah I suggest 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 operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era 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 appropriately as you said payroll is the single most significant liability that any company has from a cost point of view from an effect perspective on staff members it is definitely important that it’s done correctly 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 biggest harmful impact on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been surprised entering this Market sort of the last 5 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 anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only discover when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. For that reason, it is important to make sure that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first Worldwide Payments first payroll payment option is a terrific initial step towards offering a detailed payroll solution for workers worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and bank accounts necessary for worldwide payroll are crucial consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as planned. Ultimately, we do not do it for the appreciation.

anyway 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was simply gon na say envision 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 think of getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh absolutely I can’t picture 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 really see what was going on and sort of try to return to everybody so moving on look why do business choose to primary separate checking account there are Papaya Global Payroll Com services out there doing exactly this for particular countries and I have actually worked in a business or many companies doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for any person where we do not have to and any person that’s managing that procedure 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 lots of factors one is it’s the requirement I believe people have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering however ultimately individuals are extremely stuck to what they’re familiar

with best um change is a tough thing all of us don’t like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having maintaining multiple bank accounts however there’s a substantial amount of complexity goes with establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is big however I believe the honest answer is modification um people have not had the ability to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think 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 looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep track of and this technique does posture several difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Payroll Com