Papaya Global Sass FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Sass… functions on the company side and also on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well one of 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 interesting 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 originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very dreary and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies keep separate

Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession 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.

Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to enhance working capital, and find how simplifying global payroll payments can change them from a difficult job into a tactical asset.

Managing payroll internationally is a complicated job due to various policies, compliance requirements, data security issues, and banking rules. The sheer variety of employees and services adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.

Conventional payroll systems frequently result in manual procedures, information silos, and a lack of integration, resulting in disparities and ineffectiveness. Despite living in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and services to simplify and enhance international payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a good question I always throw this back and say what is it what does not require to be included right and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

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 time frames 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 customer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to type of move forward with that it likewise too to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m always astonished 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 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 procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of crucial to add to type of the level of intricacy there’s more and more benefits being organ or being used by organizations throughout the world so once again you’re just aiming to add more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine challenging type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of decades 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 groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more timely they make them less effective 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 operating in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense point of view from an impact perspective on workers it is definitely critical 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 most significant detrimental effect on individuals’s well-being and numerous other aspects if people aren’t paid uh I have actually constantly been astonished 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 throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. Therefore, it is necessary to guarantee that jobs like Wi-Fi Global and other vital matters are done correctly. Using the very first Global Payments very first payroll payment service is a terrific initial action towards providing an extensive payroll option for employees worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and savings account required for international payroll are essential consider attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.

anyhow we understand how how crucial 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 simple as possible for everybody that’s associated with those procedures and likewise so think of sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh absolutely 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 pick to primary separate savings account there are Papaya Global Sass businesses out there doing exactly this for specific countries and I have actually operated in an organization or many services doing precisely that I can say it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s managing 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 amount that we are I think lots of factors one is it’s the requirement I believe individuals have got so utilized to we require a new savings account we open an entity and appropriately so you require 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 requirement and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it requires changing but ultimately individuals are very stuck to what they recognize

with ideal um modification is a hard thing we all don’t like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping several savings account but there’s a huge amount of complexity opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is huge but I believe the truthful answer is change um individuals have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to monitor and this approach does position a number of challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so

I just recently made a change to our Business 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 acquired another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Sass