Papaya Global Negative Gross Pay Employee Paying Back FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Negative Gross Pay Employee Paying Back… roles on the provider side and also on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is 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 very dreary and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies maintain different

Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly policies compliance information security and banking rules then there are the large numbers they add further intricacy the worldwide Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 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 worldwide in the standard payroll design there’s typically a frustrating number of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or very very fundamental there’s no genuine consistency framework we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of international companies have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they depend on the necessary several processes 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 obstacles business face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included best and what does

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it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look best ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 essential and innovation is enabling us to sort of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people state I’ve 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 calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of essential to add to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by organizations across the world so once again you’re just wanting to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine challenges or real tough type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually 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 know long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they need 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 difficult as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense point of view from an effect point of view on employees it is definitely vital that it’s done properly and on time so what we suggest 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 destructive effect on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been astonished entering into this Market type of the last 5 to ten years is how little thanks the

payroll team get um so I’m not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise 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 absolutely crucial that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is a terrific first step um supplying an end-to-end payroll solution for your workers worldwide again I think is another huge um process again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of organizations and decreasing 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 ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we understand how how crucial 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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t imagine 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 really see what was going on and sort of shot to return to everyone so proceeding look why do companies choose to primary different savings account there are Papaya Global Negative Gross Pay Employee Paying Back companies out there doing precisely this for particular countries and I’ve worked in a company or numerous companies doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I think people have got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires altering but eventually people are very stuck to what they recognize

with best um change is a hard thing we all don’t like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping numerous bank accounts however there’s a substantial amount of intricacy goes with setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is huge but I think the sincere answer is change um individuals haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose a number of challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so

I simply did you changed our Business 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 International workers you are worthy of a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Negative Gross Pay Employee Paying Back