Papaya Global Stationery FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Stationery… roles on the provider side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone 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 is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve different

Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to enhance working capital, and find how improving global payroll payments can transform them from a burdensome task into a strategic possession.

Handling payroll internationally is a difficult task due to different regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and businesses contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems often result in manual procedures, data silos, and a lack of combination, leading to disparities and inefficiencies. In spite of living in an age of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to supply insights and services to simplify and enhance worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of presence also extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have expressed 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 data entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they rely on the needed several processes 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 challenges service face when they’re making payments to workers or otherwise that’s a good question I always throw this back and state what is it what does not need to be included right and what does

it need to be considered there’s varying 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 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 client’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is definitely critical but all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 absolutely essential and innovation is enabling us to sort of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of crucial to add to type of the level of complexity there’s a growing number of advantages being organ or being provided by organizations across the world so once again you’re just aiming to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine difficult sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would definitely state 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 groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from a cost point of view from an impact viewpoint on employees it is definitely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive result on individuals’s well-being and numerous other aspects if people aren’t paid uh I have actually always been surprised entering this Market type of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is a great initial step um supplying an end-to-end payroll option for your staff members internationally again I believe is another huge um procedure once again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and savings account they need 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 don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks

anyhow we know how how important a function 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 everybody that’s involved in those processes and also so think of sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying to clean up 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 need days of the week to attempt to look through them and actually see what was going on and type of try to return to everybody so carrying on appearance why do business select to main separate bank accounts there are Papaya Global Stationery companies out there doing exactly this for specific countries and I have actually operated in a business or lots of services doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anybody where we don’t have to and anyone that’s dealing with that procedure 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 believe many reasons one is it’s the requirement I believe individuals have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering but eventually individuals are extremely stuck to what they’re familiar

with right um modification is a challenging thing all of us do not like modification um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining numerous bank accounts but there’s a big amount of complexity goes with establishing a bank account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is huge but I believe the truthful response is modification um individuals haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding 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 method does posture several challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Stationery