Papaya Global Template FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Template… roles on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or two 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 already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates 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 drizzling here it’s very really gloomy and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies maintain separate

Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently 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 business precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most notably guidelines compliance information security and banking rules then there are the sheer numbers they add further complexity the international Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s frequently an overwhelming number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or really really basic there’s no real consistency framework we’re living in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on global payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global services have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the required multiple procedures 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 obstacles business face when they’re paying to employees or otherwise that’s an excellent question I always throw this back and say what is it what does not 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 country 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 consumer’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like super payments no if but some infants 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 believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to type of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work closer together than ever um I’m always surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world positions a high value on wellness and the payment landscape is ending up being progressively intricate. Organizations are continually presenting brand-new benefits and payment choices, which contributes to the total complexity. Large corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today’s technically sophisticated era, there’s no justification for preserving cumbersome procedures. Payroll, the business’s greatest expenditure, need to be processed correctly and on time. Even slight hold-ups can adversely affect employees’ wellness and have significant consequences. For that reason, it’s crucial to prioritize accurate and timely payments.

payroll group get um so I’m not sure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 things is definitely important that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a fantastic primary step um offering an end-to-end payroll option for your staff members globally once again I believe is another huge um process once again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of organizations and reducing the variety of tools platforms and bank accounts 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not think any of us are really doing that for for the thanks

anyhow we understand how how essential 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 simple as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh absolutely 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 try to check out them and really see what was going on and sort of shot to get back to everyone so moving on appearance why do business select to primary different savings account there are Papaya Global Template businesses out there doing exactly this for particular nations and I have actually worked in a company or many organizations doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t have to and anybody that’s dealing with that procedure 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 lots of reasons one is it’s the standard I think people have got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it requires altering but ultimately people are extremely stuck to what they recognize

with ideal um change is a difficult thing we all don’t like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping multiple savings account but there’s a huge quantity of complexity chooses establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the truthful response is change um people have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or so there is a lot to monitor and this approach does posture numerous challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so

I simply did you switched our Enterprise 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 Global staff members you should have a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Template