Papaya Global Bureau Costs FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Bureau Costs… functions on the company side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 really extremely uninspiring and I wish I was somewhere else at this moment in time all right 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 managing Global payroll why business maintain different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll also discuss a recap which must leave his time at the very very 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 labor forces end up being more and more common and handling them becomes increasingly more complex Worldwide organizations are wanting to discover Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment standpoint many companies preserve separate bank account just for payroll while some have several accounts in various countries does it make sense for companies to maintain separate bank accounts in some cases in different nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies improve the episode complex processes of

making payroll payments properly efficiently firmly 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 expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most notably regulations compliance data security and banking rules then there are the large numbers they include more complexity the global Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll design there’s frequently an overwhelming number of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or really extremely standard there’s no genuine consistency framework we’re residing in an era of tech but 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 only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide companies have revealed 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 due to time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the wrong place the average expense of a global 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 don’t run efficiently if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be included ideal and what does

it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble extremely payments no if but 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to type of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation 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 also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high value on wellness and the compensation landscape is ending up being progressively elaborate. Businesses are continually introducing brand-new benefits and payment choices, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technically sophisticated period, there’s no justification for preserving cumbersome treatments. Payroll, the company’s biggest cost, must be processed properly and on time. Even slight hold-ups can adversely impact workers’ wellness and have far-reaching effects. Therefore, it’s crucial to focus on precise and timely payments.

payroll team get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment solution is a terrific initial step um offering an end-to-end payroll solution for your employees worldwide once again I believe is another big um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of businesses and reducing the variety of tools platforms and checking account they require for their International 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’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks

anyhow we know how how essential a role 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 everybody that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and kind of try to get back to everybody so proceeding look why do companies pick to primary separate checking account there are Papaya Global Bureau Costs businesses out there doing precisely this for particular countries and I have actually operated in an organization or many organizations doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t need to and anyone that’s handling 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 quantity that we are I believe lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm 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 numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it needs altering but eventually individuals are extremely stuck to what they’re familiar

with right um modification is a tough thing all of us do not like change um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having preserving multiple bank accounts however there’s a big quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is huge however I believe the honest answer is modification um individuals have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to monitor and this approach does present numerous obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Bureau Costs