Year To Date Value Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Year To Date Value Papaya Global… roles on the service provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 bleak and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies preserve separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll likewise review a recap which should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and managing them becomes increasingly more intricate Worldwide organizations are seeking to find Solutions and new ways to improve procedures especially from a payroll and cross-border payment viewpoint many companies maintain different checking account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve different bank accounts in some cases in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business improve the episode complex processes of

making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add more complexity the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals 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 around the globe in the conventional payroll design there’s often a frustrating variety of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or extremely very standard there’s no genuine consistency structure we’re residing in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I believe

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in global payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t need to be included right and what does

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it require to be thought about 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 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 anywhere you look right eventually constructing a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work closer together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 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 however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more important to contribute to type of the level of complexity there’s increasingly more advantages being organ or being used by services throughout the world so again you’re just wanting to include more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely say that the bigger a business 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 in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to create additional handoffs at the same times that we operate in they just make them more timely they make them less efficient 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 operating in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from a cost point of view from an impact viewpoint on workers it is definitely important that it’s done correctly 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 greatest destructive effect on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve always been amazed entering this Market sort of the last five to 10 years is how little thanks the

payroll group get um so I’m not sure anyone on this sort of webinar has actually been told 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 staff members or not um but eventually payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails but 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 vital that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a fantastic initial step um providing an end-to-end payroll solution for your workers worldwide again I believe is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of services and lowering 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 regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not 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 don’t think any of us are really doing that for for the thanks

anyway we know how how crucial 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 everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean up 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 need days of the week to attempt to look through them and actually see what was going on and kind of try to get back to everyone so carrying on look why do business select to primary different checking account there are Year To Date Value Papaya Global services out there doing precisely this for particular countries and I’ve worked in a business or lots of businesses doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not have to and anyone that’s dealing with 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 quantity that we are I think lots of factors one is it’s the requirement I believe individuals have actually got so used to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering however ultimately people are very stuck with what they recognize

with ideal um change is a challenging thing all of us do not like modification um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining numerous bank accounts however there’s a substantial quantity of complexity goes with establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is big but I think the honest answer is change um people have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change 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 might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does position several difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so

I simply did you changed our Business 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 Global staff members you should have a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Year To Date Value Papaya Global