Papaya Global Backup File FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Backup File… roles on the supplier side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually 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 extremely very bleak and I wish I was somewhere else at this moment in time okay so let’s begin 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 keep separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll also go over a recap which ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and handling them ends up being more and more complicated International organizations are seeking to find Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment standpoint lots of companies maintain different checking account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain different checking account in some cases in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business streamline the episode complex processes of

making payroll payments properly effectively firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most importantly regulations compliance data security and banking rules then there are the large numbers they include additional complexity the global Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s frequently a frustrating variety of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or really very standard there’s no real consistency structure we’re living in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in international payroll the less of a photo they see a lack of presence also reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of international services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the incorrect place the typical cost 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 cash around the world payroll and payments don’t run smoothly if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what does not need to be included best and what does

it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 intricacy wherever you look ideal ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you 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 essential and technology is permitting us to sort of move forward with that it also also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m always surprised when people state I’ve split 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more important to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by services throughout the world so once again you’re simply looking 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 but have you got any experience in kind of real challenges or real tough sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments operates 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 managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an impact point of view on staff members it is definitely crucial 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 have to be done right it has the biggest destructive result on people’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been amazed entering into this Market type of the last five to 10 years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Using the very first International Payments first payroll payment option is a great initial step towards providing an extensive payroll solution for staff members worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and checking account essential for worldwide payroll are key factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as prepared. Ultimately, we do not do it for the thankfulness.

anyhow we understand how how crucial a function 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 simple as possible for everybody that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of 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 a fascinating job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everyone so proceeding look why do business choose to primary separate bank accounts there are Papaya Global Backup File businesses out there doing precisely this for particular countries and I have actually operated in an organization or lots of companies doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and anybody that’s dealing with that procedure 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 think many reasons one is it’s the standard I believe individuals have got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it needs altering but ultimately individuals are really stuck to what they recognize

with right um change is a hard thing all of us do not like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving multiple savings account however there’s a huge quantity of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is big but I think the sincere response is modification um people haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we’ve always 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 know what could practically be identified to be the next Century approximately there is a lot to monitor and this technique does pose a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Backup File