Papaya Global Process Leaver Mid Month FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Process Leaver Mid Month… functions on the provider side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide 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 type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind 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 really dreary 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 difficulty years of managing Global payroll why business keep separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also go over a wrap-up which must leave his time at the very extremely 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 end up being a growing number of common and handling them ends up being increasingly more intricate International organizations are looking to find Solutions and brand-new methods to enhance procedures specifically from a payroll and cross-border payment viewpoint lots of organizations preserve separate checking account just for payroll while some have multiple accounts in different nations does it make good sense for companies to preserve separate bank accounts in some cases in various countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies improve the episode complex processes of

making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most importantly regulations compliance data security and banking rules then there are the sheer numbers they include further complexity the international Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s frequently an overwhelming number of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or very extremely fundamental there’s no real consistency structure we’re living in an age 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 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 just 11 of companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of global 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 errors are due to time reporting bad HCM information information entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the data is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they count on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be consisted of best and what does

it require to be considered there’s differing 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is definitely vital however all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link 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 enabling us to sort of progress with that it likewise also 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 definitely imperative that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more crucial to add to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by companies throughout the world so once again you’re just wanting to add a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or genuine tough sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would certainly 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 teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost perspective from an impact viewpoint on workers it is absolutely 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 need to be done right it has the biggest detrimental result on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last five to ten years is how little thanks the

payroll group get um so I’m unsure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us hear 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 believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is a terrific first step um offering an end-to-end payroll solution for your employees worldwide once again I think is another big um process once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of companies and reducing the variety of tools platforms and bank accounts they require 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks

anyway we understand 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 everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of shot to return to everyone so carrying on appearance why do business pick to primary different checking account there are Papaya Global Process Leaver Mid Month services out there doing precisely this for specific countries and I’ve operated in a business or lots of businesses doing exactly that I can state it does not constantly 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 don’t have to and any person 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 think many reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs altering but eventually individuals are very stuck to what they recognize

with best um change is a hard thing we all don’t like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping numerous savings account however there’s a substantial amount of intricacy opts for establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific people so the complexity is huge however I think the sincere answer is modification um people haven’t had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does pose several challenges um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so

I just recently made a change 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 acquired another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Process Leaver Mid Month