Papaya Global Mywau FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Mywau… functions on the provider side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody 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 definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really uninspiring and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business keep different

Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset 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.

Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to enhance working capital, and discover how enhancing international payroll payments can change them from a difficult job into a strategic asset.

Managing payroll worldwide is a difficult task due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.

Traditional payroll systems frequently lead to manual processes, information silos, and an absence of combination, leading to disparities and inadequacies. Regardless of residing in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and solutions to simplify and optimize global payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in global payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a great question I always toss this back and say what is it what does not need to be consisted of best and what does

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it need 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 amount of time there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like incredibly payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to sort of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing teams work closer together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process 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 3rd parties so with the

world we live in and well-being being more and more important to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses across the world so again you’re simply looking to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real challenges or real challenging kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of years I would definitely say that the larger an organization 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 teams feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from an expense perspective from an effect viewpoint on workers it is absolutely important that it’s done properly 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 greatest destructive effect on individuals’s wellness and numerous other aspects if people aren’t paid uh I’ve always been surprised entering into this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is a terrific primary step um supplying an end-to-end payroll solution for your workers worldwide once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and lowering the variety of tools platforms and bank accounts 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks

anyway we understand 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 everyone that’s associated with those processes and likewise so think of sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture 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 definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and sort of try to get back to everybody so proceeding appearance why do business choose to primary different checking account there are Papaya Global Mywau services out there doing precisely this for specific nations and I have actually operated in a company or lots of services doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we don’t have to and anybody that’s dealing with 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 think people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a process that requires looking at it needs altering but eventually individuals are extremely stuck with what they recognize

with right um modification is a tough thing all of us do not like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having maintaining numerous checking account however there’s a substantial amount of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is big however I believe the honest response is modification um people have not been able to change or have not had necessarily the knowledge to really 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 constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or so there is a lot to track and this approach does present a number of difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Mywau