Papaya Global Payroll Ledger FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Payroll Ledger… roles on the company side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just 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 sunlight is it it’s not no it’s it’s raining here it’s very very gloomy and I wish I was elsewhere at this moment in time alright 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 Worldwide payroll why business maintain different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll likewise go over a recap and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and handling them ends up being a growing number of complicated Worldwide companies are looking to find Solutions and brand-new ways to simplify processes especially from a payroll and cross-border payment standpoint numerous organizations keep separate bank account just for payroll while some have several accounts in different countries does it make sense for business to preserve different bank accounts often in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies simplify the episode complex processes of

Ensuring accurate, effective, and timely payroll payments is a complex obstacle for organizations running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to optimize working capital, and find how improving worldwide payroll payments can change them from a troublesome job into a tactical property.

Handling payroll worldwide is a daunting task due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and companies contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.

Standard payroll systems frequently lead to manual procedures, information silos, and a lack of integration, leading to disparities and inadequacies. Regardless of living in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and services to streamline and enhance worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide businesses have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data 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 data is delivered to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they count on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be consisted of best and what does

it require to be thought of 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 have to pay from the consumer’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is definitely important but all over you look with payroll payment they are like extremely payments no if however 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 absolutely fundamental and technology is permitting us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work closer together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of crucial to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being used by companies throughout the world so again you’re simply wanting to include more and more 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 certain but have you got any experience in kind of genuine challenges or real challenging sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would certainly 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 teams feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run in they simply make them more timely 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 understand that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost point of view from an impact viewpoint on employees it is absolutely critical 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 greatest detrimental effect on people’s well-being and many other factors if people aren’t paid uh I’ve constantly been amazed coming into this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m unsure anybody on this sort of webinar has actually been informed 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 employees or not um however eventually payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think 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 things is definitely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic first step um providing an end-to-end payroll service for your employees internationally again I believe is another substantial um procedure again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and lowering the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually 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 problems where things haven’t gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks

anyway we understand 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 easy as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying to clean up 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 look through them and really see what was going on and sort of shot to get back to everybody so proceeding look why do business select to primary different checking account there are Papaya Global Payroll Ledger organizations out there doing exactly this for specific nations and I’ve operated in an organization or many organizations doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and any person that’s handling 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 quantity that we are I believe many reasons one is it’s the requirement I believe individuals have got so utilized to we require a new checking 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 standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a process that requires looking at it requires changing however ultimately individuals are extremely stuck to what they recognize

with best um change is a hard thing all of us don’t like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving multiple checking account however there’s a huge amount of intricacy goes with establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is substantial however I think the honest response is modification um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a checking 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 alter but we’ve 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 could practically be figured out to be the next Century or so there is a lot to track and this technique does position numerous obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Payroll Ledger