Papaya Global Payroll Mindsight FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Payroll Mindsight… roles on the provider side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join all of us 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 currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I wish I was somewhere else 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 keep different

Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add further complexity the global Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll design there’s frequently a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely very standard there’s no genuine consistency framework we’re living in a period 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 and that simply blows my mind every time I I think

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of an image they see an absence of presence also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors poorly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they depend on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective 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 concern I constantly throw this back and say what is it what does not require to be included best 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 country there’s payment timespan 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 client’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 absolutely basic and innovation is permitting us to kind of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you walk 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more crucial to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being provided by companies across the world so again you’re just aiming to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from an expense perspective from an effect point of view on employees it is definitely critical that it’s done correctly and on time so what we imply 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 people’s wellness and many other aspects if people aren’t paid uh I’ve always been amazed entering into this Market sort of the last five to 10 years is how little thanks the

payroll team get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment option is a terrific initial step um supplying an end-to-end payroll service for your workers internationally again I believe is another big um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and minimizing the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t 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 essential 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 easy as possible for everyone that’s associated with those processes and likewise so think of 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 individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and type of try to return to everybody so carrying on appearance why do companies select to primary separate savings account there are Papaya Global Payroll Mindsight companies out there doing precisely this for specific nations and I have actually operated in a business or lots of services doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we don’t need to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I believe people have got so utilized to we need a new savings account we open an entity and rightly 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 simply been the requirement and the standard individuals have actually 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 type of do it so I think there’s a range I believe this is a process that needs taking a look at it needs changing but ultimately people are very stuck to what they’re familiar

with right um modification is a hard thing we all don’t like modification um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving multiple bank accounts but there’s a huge amount of complexity chooses establishing a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is big however I believe the sincere answer is change um people haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep track of and this method does pose a number of obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so

I simply did you switched our Enterprise 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 Worldwide staff members you are worthy of a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Mindsight