Papaya Global Viewer FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Viewer… functions on the service provider side and also on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I actually 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 extremely extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s get going our agenda 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

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll likewise review a wrap-up which ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and handling them ends up being more and more complex Global companies are wanting to discover Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment standpoint many organizations preserve different bank account just for payroll while some have multiple accounts in various countries does it make sense for business to keep separate checking account in some cases in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies streamline the episode complex procedures of

making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most notably guidelines compliance data security and banking guidelines then there are the large numbers they add further complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there’s typically a frustrating variety of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely standard there’s no genuine consistency structure we’re living in a period 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 each time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on international payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international businesses have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors badly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the incorrect location the typical expense 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 depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be consisted of right and what does

it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s complexity anywhere you look best ultimately developing 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 look at the type 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 definitely basic and innovation is permitting us to kind of move forward with that it also too to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work better together than ever um I’m constantly impressed when individuals state I’ve divided 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 split the payroll payment from calculation 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of essential to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being used by companies throughout the world so again you’re just seeking to add more and more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real obstacles or genuine challenging sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you understand 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 create additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from a cost viewpoint from an effect point of view on employees it is definitely critical 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 need to be done right it has the greatest harmful impact on people’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last 5 to ten years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only notice when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally too. For that reason, it is essential to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Using the first International Payments very first payroll payment service is a great preliminary action towards providing a detailed payroll solution for workers worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and bank accounts needed for global payroll are crucial consider attaining company success. While we do not expect 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 do not do it for the appreciation.

anyhow we understand 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 associated with those procedures and likewise so think of sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of shot to get back to everyone so proceeding look why do companies select to primary separate checking account there are Papaya Global Viewer companies out there doing exactly this for particular countries and I have actually worked in an organization or numerous services doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for any person where we do not need to and any person that’s dealing with that process 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 factors one is it’s the requirement I think people have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes but 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 actually embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it needs changing however ultimately people are very stuck to what they recognize

with best um change is a challenging thing we all do not like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple savings account but there’s a big quantity of complexity goes with setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is huge however I think the sincere response is change um people haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to track and this approach does present several challenges um so Johnny might you tell us about those obstacles 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 actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Viewer