Covid 19 Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Covid 19 Papaya Global… functions on the service provider side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 very extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started 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 maintain different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also review a wrap-up which ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them ends up being a growing number of complicated International organizations are wanting to find Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment perspective numerous companies preserve different bank account just for payroll while some have numerous accounts in different countries does it make sense for companies to keep separate savings account in some cases in various nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business simplify the episode complex processes of

making payroll payments precisely effectively firmly and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they include more complexity the international Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll design there’s often an overwhelming number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or very extremely basic there’s no real consistency framework we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on global payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes badly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be consisted of right 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 abilities 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 consumer’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 definitely essential and technology is allowing us to sort of move on with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and financing teams work better together than ever um I’m constantly surprised when people state I have actually divided 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 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high value on wellness and the compensation landscape is becoming progressively complex. Services are continually introducing brand-new benefits and payment options, which adds to the general complexity. Big corporations often divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s highly sophisticated era, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s biggest cost, must be processed correctly and on time. Even minor delays can negatively impact workers’ well-being and have far-reaching repercussions. For that reason, it’s critical to prioritize accurate and prompt payments.

payroll team get um so I’m uncertain anyone on this kind of webinar has actually 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 employees or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem 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 first Worldwide Payments first payroll payment service is a terrific initial step um offering an end-to-end payroll service for your staff members internationally once again I think is another substantial um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and minimizing the variety of tools platforms and bank accounts 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 do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks

anyhow we understand how how important a role 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 simple as possible for everyone that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na say think of the quantity 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 envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of shot to get back to everyone so proceeding appearance why do companies choose to main different bank accounts there are Covid 19 Papaya Global companies out there doing precisely this for specific countries and I have actually worked in a company or numerous services doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for anybody where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think people have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require 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 actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I think this is a process that requires looking at it requires altering however eventually individuals are really stuck with what they recognize

with ideal um modification is a challenging thing all of us don’t like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving numerous bank accounts however there’s a substantial quantity of complexity chooses setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is huge but I think the honest answer is change um people have not had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or two there is a lot to keep an eye on and this approach does posture a number of obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so

I simply did you switched 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 International workers you deserve a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Covid 19 Papaya Global