Made Leaver By Mistake Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …Made Leaver By Mistake Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately 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 simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today definitely 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 somewhere else at this moment in time fine so let’s get going our agenda 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 utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll likewise review a wrap-up and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and handling them ends up being more and more complex International organizations are looking to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment viewpoint numerous organizations keep different savings account just for payroll while some have several accounts in different nations does it make sense for business to preserve separate savings account often in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies improve the episode complex processes of

making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the global Workforce 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 individuals 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 world in the standard payroll design there’s typically a frustrating number of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or very really standard there’s no genuine consistency structure we’re residing in an era of tech however 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 just blows my mind whenever I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of global organizations have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be included ideal 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 abilities 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 wherever you look best eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to type of progress with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely vital that payroll and finance teams work more detailed together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being provided by organizations across the world so once again you’re simply wanting to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real challenges or genuine tough type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we run 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 an era that you know that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single most significant liability that any company has from an expense viewpoint from an effect viewpoint on workers it is definitely important that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive effect on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually always been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this type of webinar has actually 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 staff members or not um but ultimately payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment option is a fantastic initial step um offering an end-to-end payroll solution for your employees internationally again I think is another huge um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of businesses and reducing the variety 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 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 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks

anyway 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 simple as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task 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 try to check out them and really see what was going on and type of try to get back to everybody so proceeding appearance why do business select to main different bank accounts there are Made Leaver By Mistake Papaya Global companies out there doing exactly this for particular nations and I have actually worked in a service or lots of businesses doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we do not have 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 quantity 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 new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires looking at it requires altering but eventually people are really stuck to what they’re familiar

with right um change is a challenging thing all of us do not like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining several bank accounts however there’s a big amount of complexity opts for setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is big but I believe the sincere answer is modification um people have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to track and this approach does present several obstacles um so Johnny could you inform us about those obstacles yeah of course 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 feels like our CFO has gained another CFO, and with this boosted capability, I have 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 deserve a corner office with a parking space that is closer, considering your achievements. Made Leaver By Mistake Papaya Global