Papaya Global Recover FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Recover… functions on the company side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody 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 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 extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep separate

Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic 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 complex for a variety of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s typically a frustrating variety of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really very standard there’s no real consistency framework we’re residing in an era of tech however payroll has 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 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 information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide services have expressed that they don’t 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 data data entry errors inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and state what is it what does not require to be included ideal and what does

it require 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more important to add to type of the level of complexity there’s increasingly more advantages being organ or being offered by companies throughout the world so once again you’re just looking to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or genuine tough sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups 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 always require to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any service has from a cost viewpoint from an impact perspective on staff members it is absolutely 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 biggest destructive impact on individuals’s wellness and many other elements if people aren’t paid uh I’ve always been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is an excellent primary step um offering an end-to-end payroll option for your staff members worldwide again I think is another big um process again aligning and ensuring you have standardization International procedures all of those things are definitely key to success success of organizations and decreasing the number of tools platforms and checking account they need for their Worldwide 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’ve never had a hundred thousand of them within a payroll cycle do not anticipate 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 meant to be um I do not think any of us are actually doing that for for the thanks

anyhow 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 simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and type of try to return to everybody so proceeding look why do business choose to primary different checking account there are Papaya Global Recover services out there doing precisely this for particular nations and I have actually operated in an organization or numerous services doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we do not have to and anybody that’s handling 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 numerous factors one is it’s the standard I think individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires changing however eventually people are extremely stuck with what they’re familiar

with best um modification is a challenging thing we all do not like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining several savings account but there’s a substantial quantity of intricacy chooses setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is substantial however I think the honest response is modification um people haven’t had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to track and this approach does posture numerous obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like 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 closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Recover