Skip Payroll Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Skip Payroll Papaya Global… functions on the supplier side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer 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 kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually 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 really very uninspiring and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business keep different

Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they add more complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s estimated 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 factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s typically an overwhelming variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or very really standard there’s no real consistency structure we’re residing in a period of tech however payroll has actually been sluggish 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 each time I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of global businesses have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round everything 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 once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t need to be included best and what does

it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more essential to contribute to type of the level of complexity there’s increasingly more advantages being organ or being used by companies throughout the world so again you’re just looking to add more and more payments to this currently intricate landscape so if you type 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 real difficulties or genuine challenging kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things however you know 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 require to develop additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost perspective from an effect perspective on staff members it is definitely important 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 destructive result on individuals’s wellness and numerous other elements if individuals aren’t paid uh I’ve constantly been amazed coming into this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m uncertain anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees 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 goes wrong but when it goes right it’s just a tick box workout 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 stuff is absolutely crucial that all of this things is done correctly so leveraging the very first International Payments first payroll payment option is a great initial step um supplying an end-to-end payroll solution for your employees worldwide once again I think is another substantial um process again aligning and ensuring you have standardization International procedures all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and checking account they require for their Global 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks

anyway we know how how important 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 easy as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of try to return to everyone so proceeding look why do business choose to main different checking account there are Skip Payroll Papaya Global organizations out there doing precisely this for particular countries and I’ve worked in a service or many companies doing exactly that I can state it doesn’t always feel efficient and it does develop more work I know 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 dealing with that process 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 many reasons one is it’s the requirement I believe individuals have got so used to we need a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering however eventually individuals are very stuck to what they recognize

with right um modification is a challenging thing we all do not like modification um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining several savings account however there’s a big amount of complexity opts for setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is huge but I believe the honest response is change um individuals have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep track of and this method does pose a number of difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so

I recently made a modification 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 actually acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Skip Payroll Papaya Global