Papaya Global Software For Small Business FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Software For Small Business… functions on the provider side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing 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 originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain different

Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most notably policies compliance information security and banking guidelines then there are the large numbers they add further complexity the worldwide Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s typically a frustrating variety of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or very extremely standard there’s no real consistency framework we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I think

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 information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a photo they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of international organizations have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly 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 organization face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and state what is it what does not require to be included ideal and what does

it need to be thought about 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 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 eventually building a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to type of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually 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 also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more important to add to kind of the level of intricacy there’s a growing number of benefits being organ or being offered by services throughout the world so again you’re just aiming to include more and more payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single biggest liability that any service has from an expense point of view from an effect point of view on workers it is definitely vital 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 have to be done right it has the biggest harmful impact on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I’ve constantly been impressed entering this Market kind of the last five to 10 years is how little thanks the

payroll team get um so I’m not sure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll solution for your staff members globally once again I believe is another huge um process once again aligning and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t 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 thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks

anyway we know how how crucial a role 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 easy as possible for everyone that’s associated with those processes and also so picture sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that numerous 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 job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and type of shot to return to everybody so proceeding look why do companies select to primary different bank accounts there are Papaya Global Software For Small Business organizations out there doing precisely this for specific countries and I’ve worked in a service or lots of organizations doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think individuals have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have embraced 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 type of do it so I think there’s a variety I think this is a process that needs taking a look at it requires altering however ultimately people are extremely stuck with what they recognize

with ideal um change is a tough thing we all don’t like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping several savings account however there’s a huge quantity of intricacy chooses setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is huge but I believe the truthful response is modification um individuals 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 hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to monitor and this technique does present a number of challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so

I simply did you changed our Enterprise 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 Global workers you should have a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Software For Small Business