Papaya Global 5 FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global 5… functions on the supplier side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or two 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 just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really 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 drizzling here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business maintain separate

Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most notably policies compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the global Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s typically a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really extremely standard there’s no genuine consistency framework we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that 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 companies state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of global businesses have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes poorly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is shipped to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they rely on the essential numerous procedures 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 business face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be consisted of right and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it need to be thought about there’s varying Bank information 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 have to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is absolutely critical but 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 take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of progress with that it likewise too to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of essential to add to kind of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so once again you’re just wanting to add more and more payments to this currently complicated landscape so if you type 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 genuine difficulties or real tough kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they simply 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 a period that you know that we are working in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any service has from a cost viewpoint from an effect viewpoint on staff members it is definitely crucial 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 have to be done right it has the most significant harmful effect on individuals’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been astonished entering into 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 throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just discover when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally as well. For that reason, it is essential to guarantee that tasks like Wi-Fi Global and other important matters are done correctly. Utilizing the very first International Payments very first payroll payment option is a great preliminary action towards supplying a detailed payroll service for workers worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and bank accounts needed for global payroll are essential factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as prepared. Eventually, we don’t do it for the gratitude.

anyhow 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 everybody that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that lots of 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 an interesting task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and type of shot to get back to everybody so moving on look why do business pick to main separate bank accounts there are Papaya Global 5 businesses out there doing exactly this for specific nations and I’ve worked in a business or numerous companies doing exactly that I can say it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we don’t need to and any person 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 amount that we are I believe lots of factors one is it’s the requirement I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm 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 ways um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it requires altering but ultimately individuals are very stuck to what they recognize

with best um change is a tough thing all of us don’t like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping numerous checking account but there’s a big quantity of intricacy chooses setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I believe the sincere response is change um individuals have not had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep track of and this method does position several challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so

I 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 gained another CFO, and with this improved ability, I have successfully secured payments for our 10,000 workers 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 more detailed, considering your accomplishments. Papaya Global 5