Papaya Global Tuvalu FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Tuvalu… roles on the provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really 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 drizzling here it’s extremely really uninspiring and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll also review a recap which needs to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and managing them ends up being increasingly more intricate Global organizations are seeking to discover Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment standpoint numerous companies maintain different bank account just for payroll while some have several accounts in various countries does it make sense for business to maintain different bank accounts often in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex processes of

making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most significantly policies compliance data security and banking rules then there are the large numbers they add additional complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating number of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really standard there’s no real consistency framework we’re residing in an age of tech but payroll has actually 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 simply blows my mind whenever I I believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on international payroll the less of an image they see a lack of presence also encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide companies 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 errors are due to time reporting bad HCM information information entry mistakes poorly communicated hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what does not require to be included 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 nation there’s payment timespan 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 consumer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they are like very 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 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 technology is permitting us to type of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere 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 essential to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by businesses across the world so once again you’re simply aiming to add more and more payments to this currently intricate landscape so if you kind 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 difficulties or genuine difficult type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info 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 know long gone are the times where we require to produce extra handoffs at the same times 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 an era of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any service has from an expense point of view from an impact viewpoint on staff members it is definitely crucial 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 greatest detrimental effect on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been surprised entering this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anyone on this kind of webinar has actually been informed 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 workers or not um but 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 however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment service is a fantastic initial step um offering an end-to-end payroll service for your employees worldwide again I think is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of companies and lowering 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 terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of 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 grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks

anyway we know how how crucial a role 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 associated with those processes and also so picture sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting 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 browse them and in fact see what was going on and kind of try to get back to everybody so carrying on appearance why do business pick to main separate checking account there are Papaya Global Tuvalu services out there doing exactly this for particular countries and I’ve worked in a company or numerous companies doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we do not have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I believe people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by 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 range I believe this is a procedure that needs looking at it requires altering however ultimately people are extremely stuck with what they’re familiar

with best um modification is a tough thing we all do not like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving multiple checking account but there’s a huge quantity of complexity opts for establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is huge but I think the honest response is change um people have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to monitor and this approach does position several obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so

I just did you changed our Business 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 deserve a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Tuvalu