Linking Papaya Global T Sage FAQ – Payroll Management 2024

Over the last 5 or six years …Linking Papaya Global T Sage… functions on the service provider side and likewise on the vendor side from a payroll viewpoint 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 simply provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly 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 bleak and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies preserve separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll also discuss a recap which should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and managing them ends up being increasingly more complex Global organizations are wanting to discover Solutions and new methods to streamline procedures especially from a payroll and cross-border payment viewpoint many organizations maintain different checking account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep different bank accounts sometimes in various nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies improve the episode complex procedures of

making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the global 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 consider that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll model there’s typically a frustrating number of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or really very standard there’s no real consistency structure we’re residing in an era of tech but payroll has been slow 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 whenever I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of global services have expressed that they don’t 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 data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the typical expense of a worldwide information 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 do not run smoothly if they rely on the needed multiple 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 challenges organization face when they’re making payments to employees or otherwise that’s a great 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 considered 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 need 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 ideal ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to sort of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals 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 profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of essential to add to type of the level of complexity there’s increasingly more benefits being organ or being used by organizations across the world so again you’re simply aiming to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or real challenging type of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from an expense perspective from an effect perspective on staff members it is absolutely crucial 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 have to be done right it has the most significant detrimental impact on individuals’s wellness and many other elements if individuals aren’t paid uh I’ve constantly been amazed entering this Market type of the last five to 10 years is how little thanks the

The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just discover when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. For that reason, it is essential to make sure that tasks like Wi-Fi Global and other essential matters are done correctly. Utilizing the first Worldwide Payments first payroll payment service is a fantastic preliminary step towards supplying a thorough payroll solution for staff members worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account required for international payroll are key factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as prepared. Eventually, we do not do it for the gratitude.

anyhow we know how how important 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 picture sorry I’m simply I was simply gon na say picture 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 talking about hundreds of thousands potentially Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean 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 try to look through them and really see what was going on and type of try to return to everyone so carrying on appearance why do companies pick to primary separate savings account there are Linking Papaya Global T Sage services out there doing precisely this for particular countries and I have actually operated in an organization or lots of services doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I believe individuals have actually got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs changing but eventually people are extremely stuck with what they recognize

with ideal um modification is a challenging thing we all do not like modification um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping numerous bank accounts but there’s a substantial quantity of complexity chooses setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is substantial but I believe the honest answer is modification um individuals have not had the ability to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep track of and this approach does pose numerous challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Linking Papaya Global T Sage