Ni Category Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …Ni Category Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody 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 type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly 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 raining here it’s very extremely gloomy and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep separate

Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most importantly policies compliance information security and banking rules then there are the large numbers they add additional complexity the international Workforce is presently 3 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 currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll model there’s typically an overwhelming number of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or really extremely fundamental there’s no real consistency structure we’re living in a period of tech however payroll has 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 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 just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on international payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global services 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 information data entry mistakes inadequately 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 typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a good question I always toss this back and say what is it what doesn’t require to be included best and what does

it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 client’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to kind of move on with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely essential that payroll and financing groups work better together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry 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 people wherever they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of essential to add to kind of the level of intricacy there’s more and more advantages being organ or being offered by organizations across the world so again you’re just looking to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real challenges or genuine tough kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to create extra handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any company has from an expense viewpoint from an impact point of view on staff members it is definitely critical that it’s done correctly and on time so what we imply 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 harmful effect on individuals’s wellness and many other factors if individuals aren’t paid uh I have actually always been impressed coming into this Market type of the last 5 to ten years is how little thanks the

The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally too. For that reason, it is vital to ensure that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the first Global Payments very first payroll payment service is a great initial action towards offering a thorough payroll option for employees worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and checking account required for international payroll are crucial factors in accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Eventually, we don’t do it for the gratitude.

anyhow we understand how how essential 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 procedures and also so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many 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 imagine 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 really see what was going on and sort of try to get back to everyone so proceeding look why do companies pick to primary separate savings account there are Ni Category Papaya Global companies out there doing precisely this for specific nations and I have actually operated in a service or lots of organizations doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I think individuals have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it needs changing but eventually individuals are extremely stuck with what they’re familiar

with best um modification is a difficult thing all of us don’t like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving several bank accounts however there’s a huge quantity of complexity goes with establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is substantial but I believe the honest response 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 aside from opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to track and this technique does position several difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so

I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Ni Category Papaya Global