Papaya Global Update 25.03 FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Update 25.03… roles on the company side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really 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 very dreary and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve different

Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the worldwide 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 Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they include additional complexity the global Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll model there’s frequently an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really extremely basic there’s no genuine consistency framework we’re living 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 which simply 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 just 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes badly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is delivered to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they depend on the required several procedures 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 concern I always toss this back and say what is it what doesn’t require to be included best 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 country there’s payment amount of time there’s payment capabilities 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 customer’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely crucial however everywhere 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 take a look at the sort 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 absolutely fundamental and technology is permitting us to kind of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m always 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 split the payroll payment from computation I would say no so why do we as a market 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 but likewise paying statutory authorities and on statutory third parties so with the

The modern world puts a high value on wellness and the settlement landscape is ending up being progressively elaborate. Companies are constantly introducing brand-new advantages and payment options, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly sophisticated era, there’s no validation for keeping cumbersome procedures. Payroll, the business’s most significant cost, must be processed properly and on time. Even small delays can negatively affect workers’ wellness and have significant repercussions. Therefore, it’s important to prioritize precise and timely payments.

The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just observe when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. For that reason, it is important to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the first International Payments first payroll payment option is a terrific initial step towards offering an extensive payroll solution for employees worldwide. Standardization, international processes, and lowering the number of tools, platforms, and bank accounts essential for international payroll are essential factors in accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the appreciation.

anyhow 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 simple as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and type of try to get back to everyone so moving on appearance why do business choose to primary different checking account there are Papaya Global Update 25.03 businesses out there doing exactly this for specific nations and I’ve operated in a company or many organizations doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anyone that’s handling 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 think many reasons one is it’s the standard I think individuals have got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires altering but ultimately people are very stuck to what they recognize

with best um modification is a difficult thing all of us do not like change um so I believe it’s simply 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 undoubtedly the benefits of having keeping multiple checking account but there’s a substantial quantity of intricacy goes with setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is big however I think the honest response is change um individuals have not had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to keep track of and this approach does present numerous challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so

I simply did you changed 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 Global workers you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Update 25.03