Sign In Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …Sign In Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everyone another couple 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 quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really gloomy and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business keep different

Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise supply a wrap-up 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 international advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add further intricacy the worldwide Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s frequently an overwhelming variety of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or really extremely basic there’s no real consistency framework we’re living in an era of tech however 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 and that simply blows my mind each time I I think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of international companies have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they count on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t require to be included right and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 intricacy anywhere you look best eventually constructing a knowledge base is definitely important but all over 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 sort 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 basic and technology is permitting us to kind of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by businesses across the world so again you’re just seeking to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would absolutely say that the larger an organization 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 groups feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop 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 understand that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any business has from a cost point of view from an effect point of view on workers it is definitely critical that it’s done correctly 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 most significant damaging effect on people’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been surprised entering this Market type of the last five to 10 years is how little thanks the

payroll team get um so I’m uncertain anyone on this sort of webinar has been told 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 workers or not um however ultimately payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the first International Payments first payroll payment service is a great primary step um supplying an end-to-end payroll solution for your workers globally once again I think is another huge um process again lining up and ensuring you have standardization International processes all of those things are definitely crucial to success success of services and reducing the variety of tools platforms and checking account 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks

anyhow we understand how how essential 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 easy as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that many thank you notes um I imply 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 picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and type of try to get back to everyone so proceeding appearance why do companies pick to main separate savings account there are Sign In Papaya Global services out there doing precisely this for particular nations and I have actually operated in a service or lots of organizations doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and any person that’s dealing with that process 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 lots of factors one is it’s the requirement I believe people have actually got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety 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 passed by to add to that people 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 procedure that needs looking at it requires altering but eventually people are extremely stuck with what they’re familiar

with best um modification is a tough thing all of us don’t like change um so I think it’s just 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 clearly the advantages of having keeping several bank accounts however there’s a huge amount of complexity opts for setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I believe the honest response is change um people have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century approximately there is a lot to keep track of and this approach does position several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Sign In Papaya Global