Papdis Papaya Global Reports FAQ – Payroll Management 2024

Over the last five or 6 years …Papdis Papaya Global Reports… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well among 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 fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly 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 raining here it’s really really gloomy and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business keep different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up and that must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and handling them becomes more and more complex Worldwide companies are seeking to find Solutions and brand-new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous companies keep separate bank account just for payroll while some have multiple accounts in different nations does it make sense for business to preserve separate savings account in some cases in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies simplify the episode complex processes of

making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs 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 difficult in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the international Workforce is presently 3 and a half billion people by 2030 it’s estimated 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 consider that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there’s frequently a frustrating number of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely standard there’s no real consistency framework 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 just blows my mind each time I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of a photo they see an absence of presence likewise extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of global companies have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the data is delivered to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they count on the required multiple processes 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 difficulties service face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be consisted of best and what does

it require to be thought of 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 abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble super 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to sort of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you walk 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 a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of crucial to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re simply aiming to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real obstacles or real tough type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly say that the bigger a business 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 details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any business has from a cost viewpoint from an impact perspective on workers it is absolutely 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 most significant detrimental result on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve constantly been astonished coming into this Market type of the last 5 to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe 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 stuff is absolutely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is a great first step um supplying an end-to-end payroll option for your employees worldwide once again I believe is another huge um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of services and lowering the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks

anyway we know how how important a role 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 simple as possible for everybody that’s associated with those procedures and also so picture sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and type of try to get back to everyone so carrying on appearance why do companies pick to primary separate bank accounts there are Papdis Papaya Global Reports organizations out there doing precisely this for particular countries and I’ve worked in a company or lots of services doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not have to and anyone that’s handling 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 think many reasons one is it’s the standard I believe individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs changing however ultimately individuals are very stuck to what they’re familiar

with right um modification is a tough thing all of us don’t like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving numerous savings account but there’s a substantial quantity of intricacy chooses establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is big however I think the honest response is change um individuals have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to track and this approach does present a number of obstacles um so Johnny could you inform us about those challenges yeah obviously 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 International workers you should have a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papdis Papaya Global Reports