P32 Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …P32 Papaya Global… functions on the company side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give 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 quite fascinating and I can see it going on currently just to hear where everybody 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 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 really extremely gloomy and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a wrap-up and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more common and handling them ends up being a growing number of intricate Global organizations are aiming to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment perspective numerous companies maintain separate savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain different checking account sometimes in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business enhance the episode complex procedures of

Making sure precise, effective, and timely payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a troublesome job into a strategic property.

Managing payroll worldwide is an overwhelming task due to various guidelines, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and organizations contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems frequently lead to manual processes, information silos, and a lack of combination, causing disparities and inefficiencies. Regardless of living in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and enhance worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of a photo they see an absence of exposure also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide services have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors improperly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the data is delivered to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they count on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be consisted of right and what does

it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’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 resemble incredibly payments no if but some infants 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to type of move forward with that it also as well to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely crucial that payroll and finance teams work closer together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being used by businesses throughout the world so once again you’re simply wanting to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real difficult sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any service has from an expense point of view from an impact point of view on employees it is definitely vital that it’s done correctly 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 harmful impact on individuals’s well-being and numerous other factors 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 unsure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll service for your workers worldwide once again I believe is another huge um process again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of organizations and decreasing the number of tools platforms and bank accounts they need for their Worldwide 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 have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five 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 do not think any of us are in fact doing that for for the thanks

anyway we know how how essential a role it is and that’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 think of sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job 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 need days of the week to attempt to check out them and in fact see what was going on and sort of shot to return to everybody so carrying on look why do companies choose to main separate savings account there are P32 Papaya Global companies out there doing exactly this for specific countries and I’ve worked in a service or lots of businesses doing exactly that I can say it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe individuals have got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering however eventually people are very stuck with what they’re familiar

with best um change is a tough thing all of us don’t like change um so I believe it’s just kind 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 keeping numerous savings account but there’s a big quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is substantial however I believe the sincere response is change um individuals have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits 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 method does position a number of obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so

I just did you changed our Enterprise 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 International staff members you deserve a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you P32 Papaya Global