Papaya Global V25.2 FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global V25.2… roles on the service provider side and also on the supplier side from a payroll point of view 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 give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing 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 everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely dreary 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 difficulty years of managing International payroll why business maintain separate

Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Making sure precise, efficient, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to enhance working capital, and discover how improving worldwide payroll payments can change them from a troublesome task into a strategic asset.

Managing payroll internationally is an overwhelming task due to numerous policies, compliance requirements, data security issues, and banking guidelines. The large variety of employees and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.

Traditional payroll systems often result in manual processes, information silos, and an absence of combination, causing inconsistencies and inefficiencies. In spite of residing in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to offer insights and services to simplify and enhance worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of global services have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes improperly 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 delivered to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the needed numerous 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 challenges service face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of right and what does

it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 customer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if but some infants 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 fundamental and technology is allowing us to kind of progress with that it also also to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of essential to contribute to kind of the level of intricacy there’s more and more benefits being organ or being provided by businesses across the world so again you’re simply wanting to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine difficult type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from a cost point of view from an effect point of view on employees it is absolutely vital that it’s done correctly 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 biggest detrimental result on people’s wellness and many other factors if people aren’t paid uh I’ve always been amazed entering into this Market sort of the last 5 to 10 years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just see when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally too. For that reason, it is necessary to ensure that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first International Payments first payroll payment option is an excellent preliminary step towards offering a comprehensive payroll option for staff members worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account necessary for global payroll are essential consider attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things don’t go as planned. Ultimately, we don’t do it for the appreciation.

anyhow we know 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 processes and likewise so imagine sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of try to return to everyone so carrying on appearance why do business choose to primary separate bank accounts there are Papaya Global V25.2 businesses out there doing exactly this for specific nations and I’ve operated in a business or many organizations doing precisely that I can state it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I think individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it needs changing however ultimately people are extremely stuck with what they’re familiar

with best um modification is a challenging thing all of us don’t like change um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving several bank accounts however there’s a big amount of complexity goes with setting up a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is substantial but I believe the sincere answer is change um individuals haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to monitor and this technique does present numerous challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so

I just did you switched 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 International employees you deserve a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global V25.2